Key Developments For iPass Inc
iPass Inc (IPAS.O) (Nasdaq)
iPass Inc. Announces Restructuring Plan Including Reduction In Employee Base Of Approximately 80 People; Expects To Take Restructuring Charge In Q4 2009
iPass Inc. announced a restructuring plan in support of the Company's focus on the evolution of its business, driving its new technology platform and aligning its operating structure. The restructuring is expected to reduce operating costs by approximately $8.6 million on an annualized basis with anticipated savings in the fourth quarter of 2009 estimated to be approximately $0.7 million. As part of this restructuring, iPass has initiated a reduction in its employee base of approximately 80 people from its total global workforce of approximately 455 people; approximately 56% of this headcount reduction is associated with the Company's restructuring of its offshore development facility in Bangalore, India as iPass shifts the focus of its development efforts back to the US. The Company expects to take a restructuring charge in the fourth quarter of 2009 of approximately $4.6 million associated with employee severance, facilities costs and the termination of certain contracts.
iPass Inc. Announces Form Of $20 Million Capital Distribution To Stockholders; Issues Q4 2009 Guidance
iPass Inc. announced that its Board of Directors has adopted a plan of distribution for a second $20 million distribution of capital to stockholders. The Company has executed on its commitment to distribute $20 million of capital to stockholders through a special $0.32 per share cash dividend that was paid in September 2009; this second $20 million distribution will be comprised of two parts: (i) a special cash dividend of $10 million or $0.16 per share, and (ii) the launching of a $10 million stock repurchase program. The special cash dividend of $10 million or approximately $0.16 per share will be paid in the fourth quarter of 2009; the record date for the special cash dividend is December 4, 2009 and the payment date will be December 18, 2009. The $10 million stock repurchase program goes into effect on November 15, 2009 and extends through March 31, 2011. Under the terms of the program, iPass may purchase up to $10 million of its common stock through open market, block and/or negotiated trades. Additionally, in the event that the full $10 million has not been used to repurchase the company's stock by March 31, 2011, the company has committed to dividend to stockholders any remaining balance by April 15, 2011. The Company also expects fourth quarter 2009 revenue in the range of $39 - $41 million, GAAP net income (loss) per share in the range of ($ 0.06) - ($ 0.04) and Non-GAAP net income (loss) per share in the range of ($ 0.03) - breakeven.
Telenet Selects iPass Inc. to Deliver Worldwide Mobility Services
iPass Inc. announced that Telenet, a provider of media and telecommunication services in Belgium, has chosen iPass software and services to underpin its new TelenetConnect offering.
iPass Inc. Declares $20 Million Cash Dividend
iPass Inc. announced that its Board of Directors has authorized an extraordinary cash dividend of $0.32 per share. The cash dividend is payable September 17, 2009, to stockholders of record as of August 31, 2009.
iPass Inc. Issues Q3 2009 Guidance
iPass Inc. announced that for third quarter of 2009, it anticipates revenue of $41-43 million, GAAP net income (loss) per diluted share of ($0.02)-$0.00 and non-GAAP net income per diluted share of $0.00-$0.02.
