November 21st, 2006 by Arjan Olsder Posted in Companies & M&A | No Comments »
As most of you know, InfoSpace has closed the Elkware Studio earlier this year and their Q3 report ended with the following message;
"We’ve taken quick action to address the disappointing loss of business, aligning costs with future revenues to continue building on the strong foundation we have in mobile technology and online and mobile discovery," said Jim Voelker, Chairman and Chief Executive Officer of InfoSpace, Inc.
Unfortunately, Jim Voelker’s closing statement says nothing about mobile games or content. The $ 57.8 million restructuring charges has the following breakdown according to MocoNews;
-
Employee separation costs $ 6,321
-
Recovery of previously expensed share-based awards due to forfeitures from employee separation (1,054 )
-
Impairment of goodwill 31,903
-
Impairment of definite-lived intangible assets 12,623
-
Losses on contractual commitments 5,621
-
Impairment of long-lived assets 1,019
-
Costs of abandoned facilities 1,356
-
Total restructuring charges $ 57,789
More details are in the official SEC report. Personally, I have always enjoyed working with the InfoSpace mobile games, so I hope this doesn’t mean the end for them.
