Thomas Group Announces Reduction in Force
April 02 2008 - 7:00PM
Business Wire
Thomas Group, Inc. (NasdaqGM:TGIS), a leading operational
consulting firm, announced today a reduction in force affecting
approximately one-third of its employees as a part of a
restructuring plan approved by its board of directors. The Company
estimates that these activities will remove approximately $6.0
million of annualized operating costs. The Company further
announced that it will record a charge of approximately $180,000 to
$250,000, net of tax effects, for one-time termination benefits
related to employee severance and other benefits in its second
quarter 2008 operating results. No other charges are expected as a
result of these actions. Michael Barhydt has resigned as CFO
effective April 11. A search is now underway for his replacement.
Commenting on the actions, Earle Steinberg, President and CEO,
stated, �This action is part of a restructuring that will flatten
our organization and focus our best resources on business
development and outstanding client service delivery. I believe this
provides us a strong foundation which will better empower our best
resources and from which we can ignite sustainable momentum for
growth while continuing to provide superior value-creating services
to our clients.� About Thomas Group Thomas Group, Inc. (NasdaqGM:
TGIS) is an international, publicly-traded professional services
firm specializing in operational improvements. Thomas Group's
unique brand of process improvement and performance management
services enable businesses to enhance operations, improve
productivity and quality, reduce costs, generate cash and drive
higher profitability. Known for Breakthrough Process Performance,
Thomas Group creates and implements customized improvement
strategies for sustained performance improvements in all facets of
the business enterprise. Thomas Group has offices in Dallas,
Detroit, and Hong Kong. For more information, please visit
www.thomasgroup.com. Safe Harbor Statement under the Private
Securities Litigation Reform Act: Any statements in this release
that are not strictly historical statements, including statements
about our beliefs and expectations, are �forward-looking
statements� within the meaning of the United States Private
Securities Litigation Reform Act of 1995. These forward-looking
statements involve certain risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by these statements, including general economic and business
conditions that may impact clients and the Company�s revenues,
timing and awarding of customer contracts, revenue recognition,
competition and cost factors as well as other factors detailed from
time to time in the Company�s filings with the Securities and
Exchange Commission, including the Company�s Form 10-K for the year
ended December 31, 2007. These forward looking statements include
the Company�s estimates of the reduction in operating costs and
charge related to the actions set forth in this press release. In
addition, forward-looking statements may be identified by words
such as �anticipate,� �expect,� �suggests,� �plan,� �believe,�
�intend,� �estimates,� �targets,� �projects,� �could,� �should,�
�may,� �would,� �continue,� �forecast,� and other similar
expressions. These forward-looking statements speak only as of the
date of this release. Except as required by law, the Company
expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statement contained
herein to reflect any change in the Company�s expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statement is based.
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