form8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of Report (Date of Earliest Event Reported):
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October
8, 2007
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TWL
Corporation
(Exact
name of registrant as specified in its charter)
Utah
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000-08924
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73-0981865
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(State
or other jurisdiction of
incorporation)
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(Commission
File
Number)
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(I.R.S.
Employer Identification
No.)
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4101
International Parkway
Carrollton,
Texas
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75007
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code:
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(972)
309-4000
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Not
Applicable
Former
name or former address, if changed since last report
Check
the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation
of
the registrant under any of the following provisions:
o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Item
8.01 Other Events.
TWL
Corporation (the “Company”) announced today that the Company plans to initiate a
comprehensive restructuring effort as part of its overall profitability recovery
plan. These actions are a component of completing the first phase of
the recovery plan begun in May of 2006. The restructuring announced
today involves more than a 21% reduction in staff effective September 28,
2007. In addition, the Company plans to further reduce expenses
associated with capital expenditures, travel and entertainment, sales
commissions, outside contractors, employee benefits and online
advertising. As a result of these actions the Company projects an
overall reduction in annualized expenses of approximately $3.96 million,
including $2.6 million in the current 2008 Fiscal year. The Company
will incur a one-time charge for severance costs of up to $200,000 in the
current fiscal quarter.
A
copy of
the press release announcing the restructuring effort is attached hereto as
Exhibit 99.1 and is incorporated by reference herein.
Item
9.01 Financial Statements and Exhibits.
(d)
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Exhibits
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Exhibit Number
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Exhibit
Description
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Press
Release dated October 5, 2007
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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.
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TWL
Corporation
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October
5, 2007
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By:
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/s/
Dennis J. Cagan
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Name:
Dennis J. Cagan
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Title:
Chief Executive Officer and
President
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