UPDATE 1-Syntax-Brillian to cut jobs
(Recasts; adds details, share movement)
April 18 (Reuters) - Television set and digital camera maker Syntax-Brillian Corp BRLC.O said it would cut jobs to reduce overhead costs by about 20 percent.
The company, which sells Olevia brand LCD TVs, said it expects the job cuts to result in annual savings of about $4 million in operating costs.
Earlier on Friday, in a separate statement, the company said it might restate results for the fiscal year ended June 30, 2007, the interim periods and the first quarter of 2008 due to accounting issues related to tooling deposits with a manufacturing partner.
Syntax-Brillian, which also sells Vivitar digital cameras, said it was uncertain about the impact of the restatement on its results.
Shares of the company, which sells its TVs at retailers like Circuit City Stores Inc (CC.N: Cotización) and Target Corp (TGT.N: Cotización), closed down 1 percent at $0.99 Friday on Nasdaq. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Vinu Pilakkott)
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