Spacehab Inc \WA\ - Current report filing (8-K)
14 Décembre 2007 - 7:13PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of Report
December 10, 2007
(Date of earliest event reported)
SPACEHAB,
Incorporated
(Exact name of registrant as specified in its charter)
Washington
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0-27206
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91-1273737
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(State or other jurisdiction of
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(Commission File Number)
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(I.R.S. Employer
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incorporation or organization)
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Identification Number)
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12130 State Highway 3,
Building 1
Webster, Texas 77598
(Address of principal
executive offices, including zip code)
(713) 558-5000
(Registrants telephone
number, including area code)
Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section 2
Financial Information
Item 2.05 Costs Associated with Exit or Disposal Activities.
On December 1, 2007, the Board of Directors of
SPACEHAB, Incorporated (the Company) approved a plan to reduce staffing and
restructure corporate functions to streamline operations, improve efficiency
and reduce overhead. The plan calls for
reduction of 21 positions, as the Companys activities in support of NASAs
space shuttle program ended upon completion of U.S. space shuttle mission
STS-118 in August 2007. The Company
expects that the restructuring will be completed by Friday, December 21,
2007.
The Company anticipates that these actions, when
fully implemented, will result in annualized cost savings of $2.5 million. These cost reductions include a workforce
reduction of approximately 13% spread
between the Companys Houston, Texas headquarters and Cape Canaveral, Florida
payload processing facility. SPACEHABs
Astrotech spacecraft processing facilities in Titusville, Florida, Vandenberg
Air Force Base, California and Long Beach, California are unaffected by the
restructuring. This restructuring is not
expected to result in the closing of any of the Companys facilities.
The restructuring activities constitute an exit or
disposal plan activity under FASB Statement of Financial Accounting Standards No. 146,
Accounting for Costs Associated with Exit or
Disposal Activities,
which will result in material charges under
accounting principles generally accepted in the U.S. The Company will recognize restructuring
costs of $254,000 and will incur a cash outlay of $161,000 including severance
payments of $81,000, in the current period.
The restructuring includes a realignment of the
Companys business units into SPACEHAB Orbital Transportation, SPACEHAB
Microgravity Sciences, and SPACETECH while combining the former SPACEHAB Flight
Services and SPACEHAB Government Services into a new SPACEHAB Engineering
Services business unit.
A copy of the Companys press release dated December 10,
2007, announcing the staff reduction and new business units is attached to this
Current Report on Form 8-K as Exhibit 99.1 and is incorporated by
reference herein.
Section
9 Financial Statements and Exhibits
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits.
99.1
Press Release of SPACEHAB, Incorporated
dated December 10, 2007
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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.
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SPACEHAB,
Incorporated
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December 10,
2007
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By:
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/s/
Brian K. Harrington
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Brian
K. Harrington
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Sr.
Vice President and Chief Financial Officer
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3
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