Arbitron Announces Workforce and Expense Reductions
The Company anticipates that it will incur pre-tax expenses of approximately $8 million to $9 million in the first quarter of 2009, related principally to severance and benefit expenses as a result of this restructuring and expense reduction program. As a result of these initiatives, the company expects to realize savings in the balance of 2009 that would offset the first quarter 2009 charge.
The company is realigning and restructuring in order to focus on our strategic priorities: strengthening our radio measurement service and developing new, multimedia services. This restructuring is also designed to speed decision-making so that we can better capitalize on growth opportunities," said Michael Skarzynski, President and Chief Executive Officer.
Taken together, the workforce and expense reductions are expected to result in a reduction in the 2010 run rate expenses of more than $10 million.
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