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News Breaks | | | | December 19, 2012 | | 06:47 EDT |  | MAG | Magnetek 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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