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NDAQ » Topics » Charges Associated with Cost Reduction Program

This excerpt taken from the NDAQ 8-K filed Oct 26, 2005.

Charges Associated with Cost Reduction Program

 

Included in total expenses for the third quarter 2005 are pre-tax charges of $4.5 million as part of NASDAQ’s continuing efforts to reduce operating expenses and improve the efficiency of its operations. NASDAQ took charges of $4.2 million in the quarter associated with its technology review, primarily for changing the estimated useful life of certain assets as it migrates to lower cost operating platforms and processes. The remaining $0.3 million charge represents severance taken in the quarter. Including $13.4 million of similar expenses taken in the first half of 2005, NASDAQ has recorded $17.9 million of pre-tax charges through the third quarter 2005.

 

This excerpt taken from the NDAQ 8-K filed Jul 28, 2005.

Charges Associated with Cost Reduction Program

 

Included in total expenses for the second quarter 2005 are pre-tax charges of $5.9 million as part of NASDAQ’s continuing efforts to reduce operating expenses and improve the efficiency of its operations:

 

  •   Technology Review – NASDAQ took charges of $3.6 million in the quarter associated with its technology review, in which it changed the estimated useful life of certain assets as it migrates to lower cost operating platforms and processes.

 

  •   Real Estate – NASDAQ took charges of $1.1 million in the quarter as part of its real estate consolidation plans, including accelerated depreciation and office space consolidation.

 

  •   Severance – NASDAQ took $1.2 million in severance charges in the quarter.

 

Including $7.5 million of similar expenses taken in the first quarter, NASDAQ has recorded $13.4 million of pre-tax charges through the second quarter 2005.

 

This excerpt taken from the NDAQ 8-K filed Apr 21, 2005.

Charges Associated with Cost Reduction Program

 

Included in total expenses for the first quarter 2005 are pre-tax charges of $7.5 million as part of NASDAQ’s continuing efforts to reduce operating expenses and improve the efficiency of its operations:

 

  •   Real Estate – NASDAQ took charges of $3.3 million in the quarter as part of its real estate consolidation plans, including accelerated depreciation on data center and other assets.

 

  •   Technology Review – NASDAQ took charges of $3.8 million in the quarter associated with its technology review, in which it changed the estimated useful life of certain assets as it migrates to lower cost operating platforms and processes.

 

  •   Severance – NASDAQ took $0.4 million in severance charges in the quarter.

This excerpt taken from the NDAQ 8-K filed Feb 24, 2005.

Charges Associated with Cost Reduction Program

 

Included in total expenses for the fourth quarter and full year 2004 are pre-tax charges of $25.5 million and $62.6 million, respectively, as part of NASDAQ’s continuing efforts to reduce operating expenses and improve the efficiency of its operations:

 

  •   Workforce Reductions - NASDAQ took charges of $1.8 million in the quarter and $9.4 million for the year for severance and outplacement costs, reducing the workforce to 786 employees at year-end, down 170 positions from year-end 2003 and 105 positions from the end of the third quarter 2004.

 

  •   Real Estate – NASDAQ took charges of $16.8 million in the quarter and $29.0 million during the year as part of its real estate consolidation plans. The current quarter charges include a $4.8 million sublease loss associated with plans to vacate surplus office space at One Liberty Plaza and $7.4 million related to an asset held-for-sale in Maryland.

 

  •   Technology Review – NASDAQ took charges of $6.9 million in the quarter and $24.2 million in the year associated with its technology review, in which it changed the estimated useful life of certain assets and changed the terms on certain operating leases as it migrates to lower cost operating platforms and processes.

 

EXCERPTS ON THIS PAGE:

8-K
Oct 26, 2005
8-K
Jul 28, 2005
8-K
Apr 21, 2005
8-K
Feb 24, 2005

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