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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) SEPTEMBER 11, 1998
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P-COM, INC.
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(Exact name of registrant as specified in charter)
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<CAPTION>
<S> <C> <C>
DELAWARE 0-25356 77-02893711
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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3175 S. WINCHESTER BOULEVARD, CAMPBELL, CALIFORNIA 95008
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (408) 866-3666
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NOT APPLICABLE
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(Former name or former address, if changed since last report.)
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ITEM 5. Other Events
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In a press release disseminated on September 11, 1998, the Registrant
publicly announced a reduction in workforce and a restructuring
charge. A copy of the press release is attached hereto and
incorporated herein by reference.
ITEM 7. Financial Statements and Exhibits
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A copy of the Registrant's press release announcing a reduction in
workforce and a restructuring charge is attached hereto as an exhibit.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
P-COM, INC.
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(Registrant)
Date: September 11, 1998 By: /s/ Michael J. Sophie
___________________________________
Name: Michael J. Sophie
Title: Chief Financial Officer
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EXHIBIT INDEX
Exhibit
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99.1 Press Release disseminated September 11, 1998.
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EXHIBIT 99.1
[LETTERHEAD OF P-COM APPEARS HERE]
FOR IMMEDIATE RELEASE
COMPANY CONTACT:
Michael Sophie Karl Spurzem
Chief Financial Officer Director, Investor Relations
(408) 866-3666 (408) 866-3666
P-COM, INC. ANNOUNCES REDUCTION IN WORKFORCE
AND RESTRUCTURING CHARGE
________________________________________________________________________________
CAMPBELL, CA, USA (September 11, 1998) -- P-Com, Inc. (NASDAQ National
Market: PCMS) today announced it is implementing global cost cutting measures
and a restructuring program that will result in, among other actions, a
reduction of approximately 10 percent of its global workforce affecting
approximately 120 full-time employees. Members of senior management will be
taking a 10 percent reduction in salary.
The company expects to report a charge for the quarter ending
September 30, 1998 to cover costs related to the variety of measures it is
implementing during the quarter. These charges include severance costs,
facility consolidation expenses, and the write-down and write-off of assets,
the value of which has become impaired, either as a result of current business
conditions or business portfolio decisions.
The company believes that the actions announced today will reduce
costs while preserving important resources for key new product development
critical to the future growth of P-Com.
P-Com, Inc. develops, manufactures and markets network access systems
for the worldwide wireless telecommunications market. The point-to-point,
spread spectrum, and point-to-multipoint radio links provided by P-Com are
designed to satisfy the network requirements of cellular and personal
communications services, corporate communications, public utilities and local
governments.
Statements in this release that are forward looking involve known and
unknown risks and uncertainties, which may cause the Company's actual results
in future periods to be materially different from any future performance that
may be suggested in this release. Such factors may include, but are not
limited to, reliance upon subcontractors, fluctuations in customer demand and
commitments, both in timing and volume, pricing and competition, the Company's
ability to have available an appropriate amount of production capacity in a
timely manner, the ability of the Company's customers to finance their
purchases of the Company's products and/or services, the timing of new
technology and product introductions and the risk of early obsolescence.
Further, the Company operates in an industry sector where securities values
are highly volatile and may be influenced by economic and other factors beyond
the Company's control, such as announcements by competitors and service
providers. Reference is made to the discussion of risk factors detailed in the
Company's filings with the Securities and Exchange Commission, including its
reports on Form 10-K and 10-Q.
P-Com, Inc., with world headquarters in Campbell, California, USA and
offices in Florida, New Jersey, Virginia, the UK, Italy, France, Germany,
Poland, Mexico, and China, is an ISO 9001 certified company. For additional
information, contact P-Com at:
P-Com, Inc. * 3175 S. Winchester Boulevard * Campbell, CA 95008 * USA
TEL: (408) 866-3666 * FAX: (408) 866-3655
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