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Outdoor Channel Holdings Announces Reduction in Force at Winnercomm Inc. Business Segment
TEMECULA, Calif., Nov. 11 /PRNewswire-FirstCall/ -- Outdoor Channel Holdings, Inc. (Nasdaq: OUTD) today announced a reduction in force at its Winnercomm Inc. business segment. The reduction in force is part of the company's focus on aligning Winnercomm's production group with current market conditions, and will represent approximately 25% of Winnercomm's current employee base. The reduction plan is not expected to have a material impact on the Skycam and CableCam aerial camera business.
"Given the challenging environment, we are constantly evaluating our organization and cost structure with the goal of operating at the highest level of efficiency," said Tom Hornish, Chief Operating Officer of Outdoor Channel Holdings. "As a result of the economic downturn and reduced business at Winnercomm's production services segment, we simply needed to right-size the organization. We remain confident that we can continue improving upon the synergies available between our Winnercomm and Outdoor Channel operations as we move forward."
Outdoor Channel Holdings acquired certain assets of Winnercomm Inc. and its related entities in January of 2009.
About Outdoor Channel Holdings, Inc.
Outdoor Channel Holdings, Inc. owns and operates Outdoor Channel, America's leader in outdoor TV, and Winnercomm Inc., an Emmy Award winning production and interactive company. Outdoor Channel offers programming that captures the excitement of hunting, fishing, shooting, off-road motorsports, adventure and the Western lifestyle and can be viewed on multiple platforms including high definition, video-on-demand, as well as on a dynamic broadband website. Winnercomm Inc. is one of America's largest and highest quality producers of live sporting events and sports series for cable and broadcast television. Winnercomm also owns and operates the patented Skycam and CableCam aerial camera systems which provide dramatic overhead camera angles for major sports events, including college and NFL football. For more information please visit www.outdoorchannel.com.
Safe Harbor Statement
Statements in this news release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, including statements, without limitation, about our expectations, beliefs, intentions, strategies regarding the future long-term value of the company resulting from the company's current actions or strategic initiatives and the future anticipated value of Outdoor Channel to our audience, distributors and advertisers. The company's actual results could differ materially from those discussed in any forward-looking statements. The company intends that such forward-looking statements be subject to the safe-harbor provisions contained in those sections. Such statements involve significant risks and uncertainties and are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) service providers discontinuing or refraining from carrying Outdoor Channel; (2) a decline in the number of viewers from having Outdoor Channel placed in unpopular cable or satellite packages, or increases in subscription fees, established by the service providers; (3) liabilities resulting from an aerial camera falling; (4) a decrease in advertising revenue as a result of a deterioration in general economic conditions; (5) managing the company's growth and the integration of acquisitions; and other factors which are discussed in the company's filings with the Securities and Exchange Commission. For these forward-looking statements, the company claims the protection of the safe harbor for forward-looking statements in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
SOURCE Outdoor Channel Holdings, Inc.
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