Armor All maker Zep Inc. (ZEP +3%) zips higher after updating investors on the progress of its "complexity-reduction activities."
The company's non-sales workforce will be reduced by ~6% (80-100 positions).
Annualized cost savings should come in at the high end of previous guidance ($8-12M).
ZEP sees $9M of recorded cost-savings in FY14.
Cost cuts will come through mostly in SG&A expense although a fourth will be reflected in COGS.
Updated FY13 revenue guidance: $685-690M versus consensus of $679.9M. (PR)