By: Mark Fitzgerald Lee Enterprises Inc. took a goodwill impairment charge of $772 million in a revised financial report that pushed its loss to $716.4 million, or $15.90 per share, for its second fiscal quarter ended March 30.
The new figures, disclosed in a Securities and Exchange Commission filing late Wednesday, revised a report in April that had indicated a loss of $4.45 million, or 10 cents a share, for the quarter.
In addition to the taking the non-cash goodwill impairment charge, Lee recorded a $115.97 million charge to reduce the carrying value of amortized intangibles, and a charge of $3 million to reduce the value of non-amortized intangible assets.
Lee also reduced the carrying value of its stake in the Tucson, Ariz., joint operating agreement (JOA) by $90.4 million. Lee publishes the dominant Arizona Daily Star in the JOA with Gannett Co.'s Tucson Citizen.
Lee had said in April it would take a substantial impairment charge. Further changes could yet come as it determines the fair value of its business, the company said Wednesday.
"Because of the timing and complexity of the calculations required, the company has not yet completed the required determination of fair value," it said.
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