10-Q Watch: InfoSpace’s Restructuring Charges

InfoSpace has detailed its $57.8 million Q3 restructuring charges in its recently filed quarterly 10-Q report with SEC: “The plan included a reduction of its workforce and consolidation of its facilities. Additionally, the Company recognized probable losses for contractual minimums for licensed properties and recorded a charge for certain fixed assets, including leasehold improvements and internally developed software, which have been abandoned as of September 30, 2006. The restructuring charge includes the closing of its office in Hamburg, Germany announced by the Company during September 2006. As a result, during the three months ended September 30, 2006 the Company recorded a $57.8 million restructuring charge, comprised of the following amounts for the three and nine months ended September 30, 2006 (in thousands).
— Employee separation costs $ 6,321
— Recovery of previously expensed share-based awards due to forfeitures from employee separation (1,054 )
— Impairment of goodwill 31,903
— Impairment of definite-lived intangible assets 12,623
— Losses on contractual commitments 5,621
— Impairment of long-lived assets 1,019
— Costs of abandoned facilities 1,356
— Total restructuring charges $ 57,789
Related:
InfoSpace Suspends Investment in Moviso and New Mobile Content Intiatives
Earnings: InfoSpace In Losses For Q3; Revenues Up 16 Percent

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