NetZero 2011 Annual Report Download - page 73
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Table of Contents
General and Administrative
The decrease in consolidated general and administrative expenses was primarily due to a $4.9 million decrease in general and
administrative expenses associated with our Content & Media segment, a $2.8 million decrease in general and administrative expenses
associated with our Communications segment, a $2.1 million decrease in unallocated corporate expenses, excluding depreciation and
amortization of intangible assets, and a $0.3 million decrease in depreciation expense. These decreases were partially offset by a $0.6 million
increase in general and administrative expenses associated with our FTD segment. Consolidated general and administrative expenses for the year
ended December 31, 2010 included $2.0 million of expenses incurred in the first quarter of the year in connection with a potential transaction
that failed to consummate.
Amortization of Intangible Assets
The decrease in consolidated amortization of intangible assets was primarily due to certain intangible assets related to our acquisition of
Classmates Online, Inc. and its subsidiaries in 2004 becoming fully amortized in 2009 and 2010.
Restructuring and Other Exit Costs
In the year ended December 31, 2010, our Communications segment recorded restructuring and other exit costs totaling $1.3 million related
to employee termination benefits. In addition, in the year ended December 31, 2010, our FTD segment recorded $1.6 million of restructuring and
other exit costs primarily related to the closure of certain call center facilities in the U.S. and the U.K. These restructuring and other exit costs
primarily included lease termination costs and employee termination benefits. In the year ended December 31, 2009, we recorded restructuring
and other exit costs totaling $3.5 million associated with a reduction in headcount in our Content & Media and Communications segments.
70
Year Ended December 31, Change
2010
2009
$
%
(in thousands, except percentages)
General and administrative
$
112,041
$
121,474
$
(9,433
)
(8
)%
General and administrative expenses as a percentage of
total segment general and administrative expenses:
FTD
45.3
%
40.7
%
Content & Media
32.9
%
36.0
%
Communications
21.9
%
23.4
%
Year Ended December 31,
Change
2010
2009
$
%
(in thousands, except percentages)
Amortization of intangible assets
$
32,110
$
34,844
$
(2,734
)
(8
)%
Year Ended December 31,
Change
2010
2009
$
%
(in thousands, except percentages)
Restructuring and other exit costs
$
2,815
$
3,494
$
(679
)
(19
)%