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AOL > SEC Filings for AOL > Form 8-K on 16-Aug-2013All Recent SEC Filings

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Form 8-K for AOL INC.


16-Aug-2013

Costs Associated with Exit or Disposal Activities


Item 2.05. Costs Associated with Exit or Disposal Activities.

As part of AOL Inc.'s (the "Company") continuing effort to reduce its expenses and invest in areas of strategic focus, on August 15, 2013, the Company approved a restructuring plan for the Company's Patch operations. As a result of the Patch restructuring plan and other efforts to align the Company's organizational structure with its strategy, the Company currently expects to incur cash restructuring charges of between $14 million to $18 million in the remainder of 2013. The Patch restructuring plan and other Company restructuring actions are currently expected to include the reduction of approximately ten percent of the Company's employee base, the substantial majority of which are at Patch. The Company currently expects the net impact of its expense reduction, while reinvesting for future growth in areas of strategic focus, to increase adjusted operating income before depreciation and amortization ("Adjusted OIBDA") of the Company by at least $30 million, thereby increasing the Company's current estimate of Adjusted OIBDA in 2013 to approximately $465 million. In addition, as a result of the approval of the Patch restructuring plan, the Company will be required to test the goodwill of the Patch reporting unit for impairment in the third quarter. If the estimated fair value of the Patch reporting unit is less than its carrying amount, then all or a portion of the $17.5 million of goodwill assigned to the Patch reporting unit may be impaired.


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