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Quotes & Info
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| DST > SEC Filings for DST > Form 8-K on 2-Feb-2010 | All Recent SEC Filings |
2-Feb-2010
Results of Operations and Financial Condition, Costs Associated with Exit or Disp
See attached as Exhibit 99.1 to this Form 8-K a News Release dated February 1, 2010 concerning the announcement of financial results for the quarter ended December 31, 2009.
The information in this Item 2.02, and Exhibit 99.1 to this Current Report on Form 8-K, shall not be deemed "filed" for the purposes of or otherwise subject to the liabilities under Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Unless expressly incorporated into a filing of DST under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act made after the date hereof, the information contained in this Item 2.02 and Exhibit 99.1 hereto shall not be incorporated by reference into any filing of DST, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
On January 29, 2010, DST began implementation of a plan to reduce its workforce
during 2010. This plan was necessitated by the extended economic downturn which
has negatively impacted the financial services industry. The plan will result in
a reduction of approximately 7% of the employee workforce, affecting all DST
domestic and international business units.
In connection with this plan, DST anticipates a pre-tax charge in 2010 of
approximately $21 million in connection with its payment of related termination
benefits. Approximately $18 million in pre-tax charges will occur in the first
half of 2010, with the remaining charges occurring throughout the remainder of
2010.
The information and comments in this Item 2.05 may include forward-looking statements respecting DST and its businesses. Such information and comments are based on DST's views as of today, and actual actions or results could differ. There could be a number of factors, risks, uncertainties or contingencies that could affect future actions or results, including but not limited to those set forth in DST's periodic reports (Form 10-K or 10-Q) filed from time to time with the Securities and Exchange Commission. All such factors should be considered in evaluating any forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this Item 2.05 to reflect future events.
(d). Exhibits.
Exhibit Number Description 99.1 News Release dated February 1, 2010 |
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