Appoints Jeff Soukup President and Chief Operating Officer to Drive Further
Growth and Operational Efficiency
SAN FRANCISCO, June 29 /PRNewswire-FirstCall/ -- PlanetOut Inc.
(Nasdaq: LGBT), the world's leading media and entertainment company focused on
serving the gay and lesbian community, in a move toward greater consolidation
and operational efficiency, today announced the completion of its company-wide
acquisition integration plan. The company also announced the appointment of
Jeff Soukup as president, in addition to his current role as chief operating
officer.
"This plan is about leveraging our synergies and fueling additional
growth," said Karen Magee, chief executive officer, PlanetOut Inc. "We are
now even better positioned to execute on our strategic plan, broaden our
market penetration and extend our reach within the LGBT community. We are
also delivering on our commitment to integrate LPI and RSVP and streamline the
business where appropriate. Specifically, we are consolidating media and
advertising services, e-commerce services and back-office operations on a
global basis.
"Jeff Soukup, in his additional role as president, brings the strength and
experience to increase our continued focus on our online business and help us
achieve the key strategic initiatives we've outlined for 2006 and 2007," added
Magee. "We believe that the moves we are making will lay the foundation for
expanded and new revenue streams and improved profitability."
The headcount reduction related to the integration of services and
business units, along with other organizational changes, will reduce
PlanetOut's total workforce by approximately 5 percent. Restructuring costs
and one-time charges associated with these moves are expected to total
approximately $1.3 - 1.5 million which will be taken primarily during the
second quarter of 2006.
In connection with these integration steps, PlanetOut also announced that
Mark Elderkin, president, and founder of Gay.com, and Donna Gibbs, senior vice
president, consumer marketing & commerce, will be leaving the company.
"Mark and Donna have both played key roles in helping the company grow and
achieve critical milestones, including our IPO," said Magee. "We are indebted
to them for their many important contributions to PlanetOut as it defined its
path and claimed its leadership position."
About PlanetOut Inc.
PlanetOut Inc. is the leading global media and entertainment company
exclusively serving the lesbian, gay, bisexual and transgender (LGBT)
community.
PlanetOut's digital media brands include Gay.com, PlanetOut.com, OUT&ABOUT
Travel, Advocate.com, Out.com, OutTraveler.com and HIVPlusMag.com, as well as
localized versions of the Gay.com site in English, French, German, Italian,
Portuguese and Spanish. PlanetOut print media brands include The Advocate,
Out, The Out Traveler and HIVPlus, as well as SpecPub, Inc. titles.
Transaction services brands include e-commerce Web sites Kleptomaniac.com and
BuyGay.com, travel and events marketer RSVP, book publisher Alyson
Publications, and direct marketer Triangle Marketing Services, among others.
PlanetOut, based in San Francisco with additional offices in New York, Los
Angeles, Minneapolis, London and Buenos Aires, offers Global 1000 and local
advertisers as well as its own properties access to what it believes to be the
most extensive multi-channel, multi-platform network of gay and lesbian people
in the world. For more information, please visit www.planetoutinc.com.
Forward-Looking Statements
In addition to the historical information contained herein, this press
release contains forward-looking statements, including statements regarding
the anticipated restructuring charges, the company's continued future growth,
market penetration and revenue streams, as well as statements containing the
words "believes," "anticipates," "expects," and similar words. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements
of the company to differ materially from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the company's limited operating history and
variability of operating results; the company's ability to attract and retain
subscribers and advertisers; RSVP's ability to successfully book guests on its
various travel packages; the company's ability to integrate the assets of
acquired companies; competition; timing of product launches; and the company's
dependence on technology infrastructure and the Internet. Additional
information concerning factors that could affect PlanetOut's future business
and financial results is included in the company's Annual Report on Form 10-K
for the year ended December 31, 2005, Quarterly Report on Form 10-Q for the
quarter ended March 31, 2006, and other public filings filed from time to time
with the Securities and Exchange Commission (SEC), which are available at the
SEC's website at www.sec.gov.
SOURCE PlanetOut Inc.
CONTACT: James David of PlanetOut Inc., +1-415-834-6479, or
James.David@planetoutinc.com
Web site: http://www.planetoutinc.com
