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 company said in making the announcement. The reduction is expected to be primarily from support functions.
“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.”
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.
NTELOS Holdings Corp. is an integrated communications provider with headquarters in Waynesboro, VA. NTELOS provides products and services to customers in Virginia, West Virginia, Kentucky, Ohio, Tennessee, Maryland and North Carolina, including wireless phone service, local and long distance telephone services, IPTV-based video services, and data services for internet access and wide area networking. More information about NTELOS is available at www.ntelos.com .
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