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December 19, 2012
06:47 EDTMAGMagnetek expects non-cash impairment charge of $1M in Q4
Magnetek expects to report a non-cash pre-tax asset impairment charge of approximately $1M in its Q4 operating results. The company has determined that the value of its fixed assets used in the manufacture and test of renewable energy inverters is impaired, due to current incoming order and sales levels of the company’s inverters into renewable energy markets, and significantly diminished prospects for future sales of inverters. The impairment charge reduces the net book value of the company’s renewable energy fixed assets to zero.
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February 23, 2015
17:08 EDTMAGMagnetek sees Q4 adjusted EPS $1.00-$1.02, may not compare to one estimate 65c
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17:03 EDTMAGMagnetek sees Q4 EPS ($9.50)-($9.35), may not compare to one estimate 65c
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16:51 EDTMAGMagnetek sees Q4 settlement charge of $37.1M
During 2014, in an effort to reduce the size, volatility, mortality risk, and costs of the pension plan, the company offered a lump sum payout of pension benefits to 2,970 eligible deferred vested participants. The program, which was funding-neutral, was completed in December 2014. A total of 2,230 participants, or 75%, elected the lump sum option, with a total amount of $46.9M paid out of pension plan assets. The company’s pension liability was reduced by a similar amount. In connection with the lump sum window, the company expects to record a non-recurring, non-cash settlement charge of $37.1M as a component of its pension expense in the fourth quarter of fiscal 2014. The settlement charge had no impact on the company’s cash flow or financial position and is expected to reduce future pension expense. As of the end of fiscal 2014, the company measured its pension plan for accounting purposes using a discount rate assumption of 3.55%, down from 4.45% at the end of fiscal 2013. The company currently expects to report a net pension liability in the range of $25M-$30M as of December 28, 2014. The net pension liability entering fiscal 2014 was $48M. From a funding standpoint, the company is not required to make any mandatory contributions to the pension plan in fiscal 2015, while projected future contributions to achieve fully funded status are currently estimated at $25M.

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