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News Breaks
October 10, 2012
16:05 EDTDMDolan Co. sees Q3 non-cash, pre-tax charge of $165M
This restructuring of the NDeX Florida operations is considered a triggering event under GAAP and the company has been required to assess whether the goodwill of its NDeX reporting unit has been impaired. Given the current depressed operating results of the mortgage default processing industry, the company has determined that certain of the finite-lived intangible assets of NDeX as well as the goodwill have been impaired. Accordingly, the company plans to record a non-cash, pre-tax charge for impairment of these assets of up to $165M in the third quarter. The company noted that its third quarter revenue and Adjusted EBITDA results from continuing operations, excluding non-recurring, non-cash charges, are expected to be modestly above the current analysts' estimates for the third quarter. Results were mostly affected by strength in the company's e-discovery business.
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