UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date
of Report: November 30, 2008
(Date of
earliest event reported):
INNODATA
ISOGEN, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
0-22196 |
13-3475943 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
Three University Plaza Hackensack, NJ 07601 |
07601 |
|
(Address of principal executive offices) |
(Zip Code) |
(201)
371-2828
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
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.
Item
2.05 Costs
Associated with Exit or Disposal Activities.
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.
Item
9.01 Financial
Statements and Exhibits.
(d) Exhibits. | |
Exhibit No. | Description |
99.1 | Press release dated December 11, 2008. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
INNODATA ISOGEN, INC. |
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|
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Date: | December 11, 2008 | By: |
/s/ Steven L. Ford |
|
Steven L. Ford |
||||
Executive Vice President |
||||
and Chief Financial Officer |
INDEX TO EXHIBITS
Exhibit No. |
Description |
||
99.1 |
Press release dated December 11, 2008. |
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