8-K 1 d8k.htm FORM 8-K Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


FORM 8-K

 


CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND

EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 30, 2007

Commission File Number: 001-31516

 


GETTY IMAGES, INC.

(Exact name of registrant as specified in its charter)

 


 

DELAWARE   98-0177556
(State or other jurisdiction of incorporation)   (I.R.S. Employer Identification No.)

601 NORTH 34TH STREET,

SEATTLE, WASHINGTON 98103

(Address of principal executive offices)

REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (206) 925-5000

 


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On August 1, 2007, Getty Images, Inc. (the company) issued a press release announcing the company’s financial results for the second quarter ended June 30, 2007. A copy of this press release is attached hereto as Exhibit 99.1.

The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

ITEM 2.05. COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES

On August 1, 2007, the company announced a strategic restructuring that it committed to and initiated on July 30, 2007. The restructuring plan resulted from a review of the company’s cost and organizational structures. The plan includes a reduction in the company’s workforce of approximately 100 employees worldwide, or approximately 5% of its full-time staff. The reductions will begin immediately and are expected to be completed by the end of the third quarter of 2007.

As a result of these actions, the company expects to record a cash, pre-tax restructuring charge of approximately $4 million in the third quarter of 2007, representing employee termination costs. These actions are expected to result in annualized savings of approximately $20 million.

 

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

 

Exhibit No.  

Description

99.1   Press release dated August 1, 2007, containing the company’s financial results for the second quarter ended June 30, 2007.

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

GETTY IMAGES, INC.
By:  

/s/ THOMAS OBERDORF

  Thomas Oberdorf
  Senior Vice President and Chief Financial Officer

Date: August 1, 2007

 

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