NTELOS Holdings (NTLS) Announces Workforce Reductions; Estimates $1.5M Cash Severance
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NTELOS Holdings Corp. (NASDAQ: NTLS) today announced workforce reductions in its wireless and corporate organizations.
Workforce reductions will be achieved through the offering of an early retirement incentive plan, the elimination of certain vacant and budgeted positions and the elimination of some jobs. The reduction is expected to be primarily from support functions, with minimal impact to customer-facing positions.
These actions will result in approximately $1.5 million in cash severance and other non-cash pension and other post-retirement curtailment and settlement charges in 2009. Collectively, all these workforce reductions will generate net savings and reduce future expenses by approximately $4 million for the year 2010.
"We regret the impact this will have on our employees," said James S. Quarforth, chief executive officer of NTELOS. "Economic conditions over the past year have impacted our wireless business and as the wireless industry matures, it is proper for us to proactively take these measures to support continued growth in adjusted EBITDA and free cash flow."
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