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MIVA to restructure European operations
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FORT MYERS — Fort Myers-based online marketer MIVA Inc. has announced a restructuring plan for its MIVA Media E.U. operations.
The plan - to be completed in the fourth quarter of this year - includes closing several offices and reducing its workforce in Europe.
With the restructuring, the E.U. operations are expected to become profitable in the fourth quarter, based on adjusted earnings, excluding interest, taxes, depreciation and amortization. That follows adjusted losses of $3.6 million in the first half of the year.
The restructuring is expected to result in one-time charges of $4 million in the third quarter.
The company’s MIVA Media division operates a pay-per-click advertising network in the U.S. and Europe. There are offices in the United Kingdom, France, Germany and Spain.
“We believe that this restructuring will enable us to continue to serve our advertisers and publishers across Europe, but on a profitable basis," said Peter Corrao, MIVA Inc.’s President and CEO, in a company statement. “We further believe that our U.S. and consolidated E.U. Media businesses should benefit from the new MIVA Media technology platform expected in the fourth quarter." ‘
The restructuring will have to meet regulatory requirements in the individual European territories.
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Could this link shed some light on why FindWhat (a/k/a MIVA) went belly up closing their Boston offices and others? Hhhmmmmmmm????
http://forums.searchenginewatch.com/a...
#1 Posted by YearRoundResident on August 22, 2008 at 10:49 a.m. (Suggest removal)
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