while(<FILE>)
{
    @line = split '|'; # split line
    $firstLetter = substr $line[1], 0, 1; #grab first letter
    $lastName = (split(' ', $line[1]))[1]; #split the name entry on whitespace and grab the last name portion
    $name = $firstLetter . ". " . $lastName; #concatenate with period after first letter
}