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| MRLN > SEC Filings for MRLN > Form 8-K on 10-Mar-2009 | All Recent SEC Filings |
10-Mar-2009
Results of Operations and Financial Condition, Costs Associated wit
The Registrant issued a press release on March 9, 2009, announcing its results of operations for the fourth quarter and fiscal year ended December 31, 2008. A copy of the press release is being furnished as Exhibit 99.1 to this report.
The information in this Current Report, including the Exhibit hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission.
As a financial services company, the Registrant continues to be impacted by the current challenging economic environment. As a result, we have proactively lowered expenses in the first quarter of 2009, including reducing our workforce by 17% and closing our two smallest satellite sales offices (Chicago and Utah). A total of approximately 49 employees company-wide were affected as a result of the staff reductions in the first quarter of 2009. We expect to incur pretax severance costs in the three months ended March 31, 2009 of approximately $500,000 related to the staff reductions. The total annualized pretax salary cost savings that are expected to result from the reductions are estimated to be approximately $2.3 million. Although the Registrant believes that its estimates are appropriate and reasonable based on available information, actual results could differ from these estimates.
(d) Exhibits.
99.1 Press Release issued by Marlin Business Services Corp. on March 9, 2009.
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