California Micro to Cut Jobs, Close Plants

California Microwave Inc. said it will cut 20% of its staff and close facilities in California and Illinois by March 31 in a restructuring. The Redwood City-based supplier of satellite Earth station and microwave radio infrastructure products did not specify how many jobs would be cut. Company executives were not immediately available to comment. The company said it will take an $8-million charge to account for the actions in the fiscal third quarter ending March 31. The largest part of the charge involves writing off product warranty reserves at its Microwave Network Systems unit. Separately, the company reported a net loss of $25.4 million, or $1.57 cents a share, for the second quarter ended Dec. 31, including an initial $39-million charge for its restructuring plans. That contrasts with earnings of $3.6 million, or 23 cents, in the year-ago period. Its shares gained 50 cents to close at $17.875 in Nasdaq trading.