Irvine’s Lantronix Inc., a publicly traded maker of networking gear, cut 28 jobs as part of its ongoing restructuring plan.
The move is expected to save about $3 million a year.
The company said it expects to take charges of $400,000 to $500,000 for severance pay and other costs in the current quarter.
Including the most recent round of cuts, Lantronix has slashed its work force by 22%, a total of 38 jobs.
“This second phase of our restructuring plan is designed to streamline our organization to enable us to be more responsive to customers, drive profitability and focus on our responsibilities to Lantronix shareholders,'” said Chief Executive Jerry Chase. “This difficult, but necessary step is a reflection of our strong commitment to profitability and positive cash flow.”
Chase said he doesn’t anticipate more cuts.
Lantronix makes small electronic devices that allow vending machines, thermostats, retail terminals, ATMs and others to be accessed via the Internet or other computer networks.
Shares of Lantronix, which are very lightly traded, didn’t budge on the news.
The company, which had a recent market value of about $35 million, isn’t followed by analysts.
Last month Lantronix received a delisting notice from Nasdaq for not meeting the minimum share price to trade on the exchange.
Lantronix has until Dec. 22 to have its shares trade at a minimum of $1 for 10 days in a row.
The company got its start in 1989. In the early 1990s, it was one of the first companies to connect printers to computers over a network.
