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| INOD > SEC Filings for INOD > Form 8-K on 11-Dec-2008 | All Recent SEC Filings |
11-Dec-2008
Results of Operations and Financial Condition, Costs Associated with Exit or
On December 11, 2008, Innodata Isogen, Inc. (the "Company") issued a press release announcing, among other things, anticipated revenue results for the fourth quarter of 2008. A copy of the press release is attached hereto as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information under
this Item in this Current Report on Form 8-K, including the related information
set forth in Exhibit 99.1, shall not be deemed to be "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liability of that section, and shall not be
incorporated by reference into any registration statement or other document
filed under the Securities Act of 1933, as amended, or the Exchange Act, except
as shall be expressly set forth by specific reference in such filing.
Innodata Isogen, Inc. (the "Company") determined on November 30, 2008 to reduce its workforce to achieve significant savings in operating costs. The Company subsequently informed the affected employees, and announced the reduction in a press release dated December 11, 2008.
Approximately 260 employees were terminated as a result. Thirteen of the terminated employees were based in the United States and Europe and the other terminated employees were based in Asia. The reduction affected 20% of total employment in the US and Europe, and 4% of total employment in Asia.
The Company will in the fourth quarter of 2008 record a one-time charge of approximately $500,000 for severance and other personnel-related expenses for the workforce reduction. Approximately 60% of these expenses will be paid in the fourth quarter of 2008. The balance will be paid in the first quarter of 2009.
The Company expects that the reduction in personnel should yield an estimated $600,000 pre-tax quarterly cost saving beginning in the first quarter of 2009.
(d) Exhibits.
Exhibit No. Description
99.1 Press release dated December 11, 2008.
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