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| IT > SEC Filings for IT > Form 8-K on 8-Jan-2009 | All Recent SEC Filings |
8-Jan-2009
Costs Associated with Exit or Disposal Activities
On January 8, 2009, Gartner, Inc. (the "Company") announced a reduction in its
workforce of 117 employees as part of its efforts to manage operating expenses.
The affected positions were spread across various functions and geographies, and
consisted primarily of non-quota bearing and non-client facing functions.
Notification to affected employees commenced on January 7, 2009 and is expected
to be completed by January 12, 2009.
The Company committed to this action in December 2008, and as a result will
incur pre-tax expenses of approximately $8.5 million in the fourth quarter of
fiscal 2008, related principally to cash severance costs for terminated
employees. Despite these expenses, the Company expects to achieve its most
recent full year 2008 projections for revenue, Normalized EBITDA, EPS from
continuing operations, and operating cash flow. These projections are contained
in Exhibit 99.1 to the Company's Current Report on Form 8-K filed on October 30,
2008, which is available on the Company's website at www.gartner.com under the
"Investor Relations" link and at www.sec.gov.
Safe Harbor Statement
Statements contained in this Current Report on Form 8-K regarding the expected
pre-tax expenses, the expected reduction in operating expenses, the anticipated
timing of completion of the action, the growth and prospects of the business,
the Company's 2008 financial results and all other statements in this Report
other than recitation of historical facts are forward-looking statements (as
defined in the Private Securities Litigation Reform Act of 1995). Such
forward-looking statements include risks and uncertainties; consequently, actual
results may differ materially from those expressed or implied thereby. Factors
that could cause actual results to differ materially include, but are not
limited to ability to expand or even retain the Company's customer base; ability
to grow or even sustain revenue from individual customers; ability to attract
and retain professional staff of research analysts and consultants upon whom the
Company is dependent; ability to achieve and effectively manage growth; ability
to pay the Company's debt obligations; ability to achieve continued customer
renewals and achieve new contract value, backlog and deferred revenue growth in
light of competitive pressures; ability to carry out the Company's strategic
initiatives and manage associated costs; substantial competition from existing
competitors and potential new competitors; additional risks associated with
international operations including foreign currency fluctuations; the impact of
restructuring and other charges on the Company's businesses and operations;
general economic conditions; and other risks listed from time to time in the
Company's reports filed with the Securities and Exchange Commission. These
filings can be found on the Company's website at www.gartner.com under the
"Investor Relations" link and the SEC's website at www.sec.gov. Forward-looking
statements included herein speak only as of the date hereof and the Company
disclaims any obligation to revise or update such statements to reflect events
or circumstances after the date hereof or to reflect the occurrence of
unanticipated events or circumstances.
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