RESTRUCTURING AND OTHER CHARGES. 17.1. NIBH will fund appropriate loyalty and performance bonuses to certain personnel currently employed by NEDCOR INVESTMENT BANK LIMITED and the company in respect of the business which are estimated to amount to approximately R14 000 000,00 (fourteen million rand) in the aggregate.
RESTRUCTURING AND OTHER CHARGES. In the six months ended June 30, 2000, we incurred costs of $816,000, primarily associated with employee severance and other termination costs and facility closure costs that were part of our 1999 restructuring plan.
RESTRUCTURING AND OTHER CHARGES. In the year ended December 31, 1999, we incurred costs of $1.8 million associated with a restructuring plan announced in the fourth 60 71 quarter of 1999. In the year ended December 31, 1998 we incurred $1.0 million of charges associated with the 1997 restructuring plan that was completed in 1998. MERGER COSTS. We incurred $659,000 in merger costs in 1999 related to the acquisitions of the 1999 Pooled Companies.
RESTRUCTURING AND OTHER CHARGES. Restructuring and other charges were $1.0 million for the year ended December 31, 1998, related primarily to additional contingent consideration that was deemed earned due to the effect of the discontinuance of the products of some of the acquired companies. For the eleven months ended December 31, 1997, restructuring and other charges were $6.5 million due to a restructuring plan that included a $3.5 million write-down of goodwill related to a July 1997 acquisition and $2.2 million of contingent consideration earned or deemed payable under terms of acquisition agreements for acquired companies whose products were discontinued as part of the restructuring. COMPENSATORY STOCK AWARDS. During the year ended December 31, 1998, we recorded approximately $6.4 million related to contingently exercisable stock options of an acquisition. INTEREST EXPENSE AND OTHER, NET. Interest expense and other, net increased $768,000 to $966,000 for the year ended December 31, 1998 compared to $198,000 for the eleven months ended December 31, 1997. This increase reflects primarily increases in interest expense associated with indebtedness incurred to complete acquisitions.
RESTRUCTURING AND OTHER CHARGES. THE 1999 PLAN. In the fourth quarter of 1999, InfoCure decided to restructure its business into a medical division and a dental division. The dental division formed in this restructuring constitutes the business that will be transferred to PracticeWorks immediately prior to the distribution. At the time of the restructuring, the Division's management decided to transition to subscription pricing and to commence development of ASP applications and other Internet-based applications and services. The Division's management committed to a plan of restructuring and reorganization in connection with the establishment of the dental division and these changes in the Division's pricing model and product strategy. This restructuring plan, which was substantially completed in the second quarter of 2000, included consolidating facilities and eliminating staffing redundancies involving approximately 30 employees. In connection with the change in product strategy, management also re-evaluated the carrying value of its investment in capitalized software. As a result, the Division recorded as a part of restructuring and other charges for 1999, an $874,000 write-off of capitalized software.
RESTRUCTURING AND OTHER CHARGES. In the fourth quarter of 1999, management changed the Division's product strategy to begin development of ASP applications and other Internet-based applications and services, decided to transition to a subscription pricing model and completed six acquisitions. Concurrently, management committed to a plan of restructuring and reorganization related to acquisitions completed during 1999 to consolidate certain facilities and eliminate staffing redundancies involving approximately 30 employees. The restructuring was substantially completed in the second quarter of 2000. The following table sets forth changes in the restructuring reserves as a result of actions taken to implement the Division's restructuring and reorganization plans during the six months ended June 30, 2000:
RESTRUCTURING AND OTHER CHARGES. As of December 31, 2008, we accrued restructuring charges of $3,600 for severance related expenses payable to approximately 110 salaried employees for which positions were eliminated in connection with cost reduction efforts in response to economic and market uncertainties. This initiative reduced the salaried work force approximately 13%. As a result, the Company expects to save approximately $7,500 in annual compensation and benefit costs. The severance costs will be paid in the first and second quarters of 2009. Subsequent to December 31, 2008, the Company offered a voluntary retirement program and approximately 50 employees have elected to participate. The Company will pay approximately $1,300 in separation pay and reimburse COBRA benefits for certain periods. The Company expects to save $1,800 in annual compensation and benefit costs. The amounts will be substantially paid through August 2009.
RESTRUCTURING AND OTHER CHARGES. As of December 31, 2008, the company accrued restructuring charges of $3,600 for severance related expenses payable to approximately 110 salaried employees whose positions were eliminated in connection with cost reduction efforts in response to economic and market uncertainties. At that time, this initiative reduced the salaried work force approximately 13%. As a result, the Company reduced annual compensation and benefit costs by approximately $7,500. The majority of the severance costs were paid in the first and second quarters of 2009. In the first quarter of 2009, the Company offered a voluntary retirement program and accrued restructuring charges for $1,300 in separation pay and COBRA benefits payable under the program. Approximately 50 employees elected to participate. As a result, the Company reduced annual compensation and benefit costs by approximately $3,100. The amounts have been substantially paid through August 2009. Subsequent to the first quarter, the Company recorded additional restructuring charges of $2,400 for severance expenses. The charges relate to manufacturing personnel placed on permanent lay-off status, salaried positions eliminated in connection with further organizational restructurings and additional personnel electing to participate in the voluntary retirement program initiated in the first quarter. These actions affected approximately 240 employees, and the Company expects to reduce annual compensation and benefit costs by approximately $5,500.
RESTRUCTURING AND OTHER CHARGES. In the first quarter of 2009, the Company offered a voluntary retirement program in which approximately 50 employees elected to participate. As a result, the Company accrued restructuring charges for $1,300 in separation pay and COBRA benefits payable under the program. As a result, the Company reduced annual compensation and benefit costs by approximately $3,100. The amounts were substantially paid through August 2009.
RESTRUCTURING AND OTHER CHARGES. In the fourth quarter of fiscal 1999, the Company undertook certain actions to restructure its business. The restructuring resulted from a lower than expected level of license revenues which adversely affected fiscal 1999 operating results. The license revenue shortfall resulted primarily from delayed decision making driven by economic difficulties in certain of our core vertical markets. The restructuring plan resulted in a pre-tax restructuring charge totaling $17.9 million. The principal charges in the restructuring plan include: the reduction of workforce, $4,324; the close-down or consolidation of a number of offices and facilities, $10,224; the rationalizing of certain non-core products and activities acquired in recent years yielding the writing off of $3,060 of assets; and, other general cost reductions of $259.
