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The disclosures were made in a regulatoruyfiling Wednesday. In addition, Bedford, Mass.-based GSI said it is stillo analyzing the results from an internal probee into past accounting errors that have forced the company to retract financial filings made in 2006througu 2008. GSI said it is nearingf a point when it can restate those resultzs and submit to regulators results from its fiscapl first quarter endedApril 3.
Nonetheless, the company said its filingf delays have prompted a delisting notice from the and triggerer negotiations with creditors to restructure its In Wednesday’s filing, GSI said a declinre in bookings in the fourth and first quarterws forced it to restructure its operations and shaver millions in costs from its books. The compan y cut 158 workers in the first quartee and another 16 employees in Those changes will result inroughlt $9 million in annualk savings, the company said.
GSI GSI) also said it has the corporate headquarters of andintegrated Excel’s scanning operation s in Eastern Massachusetts, resulting in more cost GSI acquired Excel, formerlu based in New York, for $360 million in 2008.
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