Drew to take goodwill charge
-
- April
- 24
Drew Industries Inc., the White Plains company that provides parts for recreational vehicles and manufactured homes, said it expects to take a non-cash goodwill charge against its first-quarter earnings.
The company said it is still calculating the charge but expects it to include “all or substantially all” of the $45 million in goodwill recorded on the balance sheet. If the entire goodwill balance is written off, the impairment charge would be $29 million, net of taxes, or $1.36 a share.
Fred Zinn, the company’s president and chief executive, said the charge will not affect Drew’s operations, liquidity, cash flows or borrowing under its credit agreements.
Joe Giordano, Drew’s chief financial officer, said the charge is “largely the result of uncertainties in the economy, and in the RV and manufactured housing industries.”
This entry was posted
on Friday, April 24th, 2009 at 3:12 pm by Allan Drury.
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Category: Earnings season
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