Glu Mobile (GLUU) Begins Headcount Reduction; Sees About $950K in Max Charges

November 16, 2012 4:18 PM EST
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Price: $2.15 --0%

EPS Growth %: -450.0%

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Revenues: 51.38M

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On November 9, 2012, Glu Mobile Inc. (Nasdaq: GLUU) began notifying certain of its employees that their employment would be terminated as a result of Glu’s plans to (a) reduce the number of employees in its development studios in Kirkland, Washington and San Francisco, California and (b) close its development studio in Sao Paolo, Brazil. Glu undertook the restructuring to better align its operating expenses with its current business strategy. Glu expects to complete the restructuring no later than June 30, 2013.

Glu expects to incur total cash charges, on a pre-tax basis, of (a) approximately $675,000 to $725,000 in the fourth quarter of 2012, all of which are related to employee severance costs, and (b) approximately $175,000 to $225,000 in the first half of 2013, of which $75,000 to $100,000 are related to Brazilian employee severance costs and $100,000 to $125,000 are related to costs associated with exiting the Sao Paolo, Brazil facility.

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