SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT FORM
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
September 14, 1995
Ideon Group, Inc.
(Exact name of registrant as specified in charter).
Delaware 1-11465 59-3293212
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(State or other jurisdiction (Commission (IRS Employer
ofincorporation) File Number) Identification No.)
7596 Centurion Parkway, Jacksonville, Florida 32256
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(Address of principal executive offices) (zip code)
Registrant's telephone number,
including area code: (904) 218-1800
N/A
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(Former name or former address, if changed since last report).
Item 5. Other Events.
Reference is made to Registrant's press release filed
as an exhibit to this Form 8-K.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(c) Exhibits.
(20) Press Release dated September 14, 1995.
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.
IDEON GROUP, INC.
By: G. THOMAS FRANKLAND
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Name: G. Thomas Frankland
Title: Vice Chairman and
Chief Financial Officer
September 15, 1995
EXHIBIT 1
FOR IMMEDIATE RELEASE
CONTACTS:
Holly Anderson (Ideon Media Relations)
904-218-1784
Bill Lackey (Ideon Investor Relations)
904-218-1836
IDEON FURTHER CUTS CORPORATE OVERHEAD
Reconfigures senior management
Narrows role in PGA TOUR Partners Program
JACKSONVILLE, FL, Sept. 14, 1995 -- Ideon Group, Inc.
(NYSE:IQ) today announced that it is eliminating approximately 75
jobs and reconfiguring its senior management team as additional
measures to improve its financial performance. As part of the
restructuring, Ideon has eliminated the position of president and
chief operating officer and, consequently, John R. Birk, who has
held that position, will be leaving the company. Paul G. Kahn,
Ideon's chairman and chief executive officer, will assume the
responsibilities previously managed by Mr. Birk. Also leaving as
part of the downsizing is Marc F. Joseph, senior vice president of
law. Francis J. Marino, Ideon's vice chairman, will assume Mr.
Joseph's responsibilities.
The company also announced that its Ideon Marketing and
Services business unit will discontinue its credit card servicing
role in connection with the PGA TOUR Partners credit card program,
which accounts for 60 of the 75 jobs eliminated. However, Ideon
Marketing and Services will continue to provide marketing and
customer service support to the PGA TOUR Partners golf membership
program. The majority of the remaining job cuts come from Ideon's
corporate headquarters staff. Responsibility for the credit card
operations is expected to be transferred to SunTrust BankCard,
N.A., the card issuing partner for the program.
Ideon will take a third-quarter charge of approximately $5.8
million to cover costs related to severance, facilities abandonment
and the write-down of equipment and other assets associated with
today's actions in addition to the $5.0 million third-quarter
charge announced on July 31 related to costs associated with
streamlining its SafeCard Services business unit and downsizing its
corporate headquarters staff. In addition, Ideon Marketing and
Services expects to incur a pre-tax loss of approximately $4.8
million resulting from ongoing third-quarter marketing and
operational expenses, in keeping with earlier estimates.
"Ideon will now concentrate on our three core businesses and
explore opportunities to act as an intermediary for SunTrust and
other banks for co-branding programs," said Mr. Kahn. "While it's
very painful to make additional cuts and to lose first-class talent
like John Birk, it's imperative that we have a cost and management
structure that is in line with our business plans and revenues. We
believe that the financial impact of these actions is now behind us
and that we now have the organization and people in place to return
the company to profitability and ensure our long-term success."
