SMART Announces Corporate Restructuring
*Realignment of the Company into two business units to improve customer
*Increased efficiencies expected to reduce annual costs by approximately
CALGARY, Alberta, Dec. 11, 2012 (GLOBE NEWSWIRE) -- SMART Technologies Inc.
(Nasdaq:SMT) (TSX:SMA), a leading provider of collaboration solutions, today
announced a corporate restructuring that will sharpen focus on each of its
target markets in Education and Enterprise while simultaneously streamlining
its corporate support functions. The restructuring will realign the
organization into two business units as part of a plan that will reshape the
Company to improve efficiency, innovation and customer experience.
The estimated financial impact is an annualized pre-tax cost savings of
approximately $40 million once fully implemented by the fiscal fourth quarter
ending March 31, 2013. As part of the restructuring, SMART will reduce its
workforce by approximately 25% during the third and fourth quarters. One-time
charges associated with the restructuring are currently under review and
additional details will be provided when SMART reports its third quarter
"Today's announcement marks a significant change in SMART's operating model
and has been designed to improve the customer experience and provide a more
efficient and robust platform to build upon. The new structure will accelerate
innovation and enable a more effective go to market strategy for our Education
and Enterprise customers," stated Neil Gaydon, President and CEO of SMART.
"The markets SMART operates in remain challenging, and establishing the right
operating platform is critical to successfully executing our strategy. We look
forward to providing more information on SMART's future direction over the
SMART Technologies Inc. is a leading provider of collaboration solutions that
change the way the world works and learns. As the global leader in interactive
whiteboards, our focus is on developing a variety of easy-to-use, integrated
solutions that free people from their desks and computer screens, making
collaboration and learning with digital resources more natural. Our products
have transformed teaching and learning in more than two million classrooms
worldwide, reaching over 40 million students and their teachers. In business,
our Freestorm^™ visual collaboration solutions improve the way that people
work and collaborate, enabling them to be more productive and reduce costs.
The SMART Technologies logo is available at
Certain statements made in this press release are forward-looking statements
within the meaning of the U.S. federal and applicable Canadian securities
laws. Statements that include the words "expanding", "expect", "increasing",
"intend", "plan", "believe", "project", "estimate", "anticipate", "may",
"will", "continue", "further", "seek", "commitment", "dedicated", and similar
words or statements of a future or forward-looking nature identify
forward-looking statements. In particular and without limitation, this press
release contains forward-looking statements pertaining to increased
efficiencies, improved innovation and customer experience, expected reduction
in annual costs and the financial impact of restructuring, our ability to
complete the restructuring, our workforce reduction targets, and the
acceleration of innovation and enablement of a more effective go to market
strategy as a result of the restructuring.
All forward-looking statements address matters that involve risks,
uncertainties and assumptions. Accordingly, there are or will be important
factors and assumptions that could cause our actual results and other
circumstances and events to differ materially from those indicated in these
statements. We believe that these factors and assumptions include, but are not
limited to, those described under "Risks Related to Our Business" and "Capital
Structure Risks" in our management's discussion and analysis for the year
ended March 31, 2012.
The forward-looking statements speak only as of the date they are made. Except
as may be required by applicable law, we do not undertake to update
forward-looking statements to reflect circumstances or events that occur after
the date the forward-looking statements are made.
© 2012 SMART Technologies. Freestorm, the SMART logo and smarttech are
trademarks or registered trademarks of SMART Technologies in the U.S. and/or
Please note that SMART is written in all capital letters.
CONTACT: Media contact
Manager, Public Relations
SMART Technologies Inc.
SMART Technologies Inc.
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