Why is SYMM still carrying $48 million in goodwill???
Total Cash (mrq): 107.05M P/E -4.14 Total Cash Per Share (mrq): 2.454 Total Debt (mrq): 62.17M Symmetricom one-year income: -56.17 Mil. Income Growth* -4,983.10% Net Income (Qtr vs year ago qtr) -4,983.10 Profit Margin (ttm): -25.81% Return on Equity (ttm): -28.17% Net Income Avl to Common (ttm): -56.17M Diluted EPS (ttm): -1.28 Operating Cash Flow (ttm): 18.88M Forward P/E (fye 29-Jun-10) 1: 14.43 Impairment of Goodwill: During the third quarter of fiscal 2009, due to a decline in our stock price and a lowered business outlook, we determined that indicators of a potential goodwill impairment existed. Accordingly, we completed a step one goodwill impairment test to determined whether the decline in market capitalization and business outlook revisions indicated that the carrying value of our reporting units were in excess of fair value. Symmetricom recorded an estimated goodwill impairment charge of approximately $48.1 million in the third quarter of fiscal 2009, consisting of $28.0 million related to the Wireline reporting segment and $20.1 million related to the Timing, Test and Measurement reporting segment.
Symmetricomm announced that our President and Chief Executive Officer, Thomas W. Steipp, informed our Board of Directors that he will retire on June 28, 2009. Upon his retirement, Mr. Steipp will also resign from our Board of Directors.
On January 14, 2009, Nortel Networks, one of our customers, filed for bankruptcy protection from its creditors. QoE announced many wins but no or little revenue.
Shares Short (prior month)3: 983.28K Shares Short (as of 27-Apr-09)3: 1.03M Short Ratio (as of 27-Apr-09)3: 5.4