Summary
Equinix, Inc. (EQIX) filed an 8-K on February 11, 2009, primarily to report its financial results for the fourth quarter and full year ended December 31, 2008, via a press release (Exhibit 99.1). While the filing doesn't detail the specific financial figures in the 8-K itself, it directs investors to the accompanying press release for these results and notes the company will hold a conference call to discuss them. A significant operational update in the filing concerns a partial reversal of a previously recorded restructuring charge related to excess data center space. In 2004, Equinix had taken a $17.7 million charge to exit leases for excess space in New York and Los Angeles. Now, in February 2009, due to changing market conditions, Equinix has decided to utilize some of this excess space in its Los Angeles IBX center, leading to an estimated reversal of approximately $5.7 million of the original charge. This reversal will impact the financial statements for the quarter ending March 31, 2009. The New York metro area lease remains under its restructuring charge.
Key Highlights
- 1Equinix reported its Q4 and full-year 2008 financial results on February 11, 2009, via press release and subsequent conference call.
- 2The company is reversing a portion of a previously recorded $17.7 million restructuring charge.
- 3The reversal is related to excess space at its Los Angeles IBX center, which Equinix now plans to utilize.
- 4Approximately $5.7 million of the restructuring charge is expected to be reversed.
- 5This reversal will be reflected in the financial statements for the quarter ending March 31, 2009.
- 6The restructuring charge for excess space in the New York metro area will remain in place.
- 7Information on 2008 financial performance is available in the press release (Exhibit 99.1) and will be discussed on a conference call.