LeCroy buys back $14 million in convertibles at discount

By Devika Patel

Knoxville, Tenn., March 18 - LeCroy Corp. announced it has repurchased $14 million of its convertible bonds for $5.4 million, a discount of 62% of par.

The company also said it "plans to take significant additional steps to further reduce its operating expenses as a result of market conditions that continue to worsen."

"We expected to see softening orders through the first half of this calendar year and we took significant steps early in the quarter to reduce our expenses by approximately $8 million on an annualized basis," LeCroy president and chief executive officer Tom Reslewic said in a release. "With orders running below our revised expectations, we have decided to take additional measures to further reduce costs by another $12 million per year."

LeCroy is a Chestnut Ridge, N.Y.-based communications test equipment company.

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