SiliconBeat

Silicon Graphics will have its shares delisted from the Nasdaq stock market beginning Thursday morning, according to an SEC filing it made Monday. The news was delivered last week to the Sunnyvale computer maker in a letter from Nasdaq that said the company had failed to become compliant with a rule that the company maintain Read the rest of this entry »

Silicon Graphics reported eliminating about 120 jobs, or about 9 percent of its staff, on Feb. 26. The move was part of an “ongoing effort to refine its focus, streamline its operations and reduce costs.”

In July the company cut Read the rest of this entry »

For the seventh time in just over two year, Silicon Graphics has modified the terms of a credit agreement it has that is administered by Morgan Stanley. The latest amendment made it possible for Silicon Graphics to defer interest payments due over the next two years by adding their amount to the principal amount, unless certain levels of consolidated earnings before deductions for interest, taxes, depreciation and amortization (EBITDA) are reached.

Another new covenant was added regarded minimum required levels of EBITDA, which grow over the next two years. As of March 27, the company must achieve $1 million of EBITDA; $5 million, by June 26; and $10 million by Sept. 25 and fiscal quarter afterwards.

The latest amendment also tightened financial reporting requirements Read the rest of this entry »

Silicon Graphics filed details of the size of discretionary bonuses made to some of its executives that we previously wrote about. Chief Executive Robert Ewald was given control of doling out awards from a $3.44 million bonus pool to select employees. (Ewald himself got a $150,000 bonus awarded to him in late August.) The bonuses were awarded even though none of the company’s performance-based incentives were issued based on its results in fiscal 2008, which ended in June.

Douglas Britt, the company’s senior vice president for sales, received the biggest cash payment: Read the rest of this entry »

Shares of Silicon Graphics have jumped more than 20 percent in three of its last six trading days. They closed today at $11.94, more than doubling over the last two weeks.

Funds associated the New York investment firm Lampe, Conway & Co. have purchased more than $1 million worth of SGI’s shares since May, paying an average of Read the rest of this entry »

Silicon Graphics told the SEC Thursday it would be late in filing its financial report for fiscal year 2008 that ended in June because the company is “continuing to work with its independent auditors, KPMG, to help them complete their audit procedures.”

The required filing, known as a 10-K, was due Wednesday, Sept. 10. Read the rest of this entry »

The compensation committee for the board of directors at Silicon Graphics has given its OK to the distribution of a $3.44 million “discretionary bonus pool for participating employees, including vice presidents, executive officers and the named executive officers still with” SGI, even though no payments will be made under the company’s fiscal 2008 “Annual Variable Incentive Plan” because the “performance metrics” under it were not met.

The payments were also approved a day before the company arranged for the fifth amendment to an October 2006 loan agreement it made with Read the rest of this entry »

A month after reporting that it was laying off about 100 employees, or 7 percent of its workforce, Silicon Graphics approved a b$150,000 bonus for its chief executive, Robert Ewald, “in recognition of his accomplishments during fiscal year 2008,” according to a filing made Wednesday with the SEC.

The company, which makes servers and visualization systems, is set to release financial results for its fiscal 2008 fourth quarter Read the rest of this entry »

Silicon Graphics revealed the termination of more than 100 jobs, or about 7 percent of its workforce, since June in a filing today with the SEC. It eliminated 90 position on July 15 after the company “identified opportunities to consolidate and centralize certain groups, rationalize where and how we do business, and to relocate some functions based on efficiencies and geographic differences in the cost of doing business.”

The move followed a “separate action” on June 17 that cut Read the rest of this entry »