SiliconBeat

Applied Micro Circuits, which warned it was planning a “restructuring” without giving any details when it filed its earnings late last month, provided some in a filing with the SEC late Thursday.

The company’s board approved a restructuring plan Jan. 27 that includes letting go of “slightly over 100 people.” In October the company announced it would lay off 5 percent of its workers, which we pegged at about 29 based on the 583 employees the company reported having at the end of its 2008 fiscal year last March. Based on those figures, this lay off would amount to about 18 percent of its staff.

The company also “implemented reductions to current compensation levels” that ranged from 13-25 percent for executives and 7-11 percent for everyone else, beginning on April Fool’s Day. We assume this is no joke.

The company estimates it will spend $2.9-$3.3 million to pay for employee severances and expects to incur additional non-cash charges related to this restructuring plan, and estimates the moves will save it $14-16 million annually.

Shortly after the previous round of job cuts last October, Applied Micro Circuit’s board approved spending $100 million more to the amount it could spend buying back its own shares, but the company spent none of it during the first three quarters of its 2009 fiscal year, when they 55 percent of their value.