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News Breaks
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September 29, 2009
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| 08:44 EDT |  | ORBC |
| theflyonthewall.com: | ORBComm to take impairment charge | | ORBComm concluded, based on the recommendation of management of the company, that an impairment charge should be recognized in the quarter ending September 30, 2009 with respect to two additional satellites launched on June 19, 2008, as a result of the company’s inability to communicate with these satellites after the loss of contact. The decision to incur this impairment charge is based on the company’s engineering analysis that it is unlikely the satellites will be recovered. Accordingly, the company estimates that a non-cash impairment charge for the cost of these two satellites of approximately $14.8M will be added to the impairment charge previously disclosed in August 2009, for a total impairment charge of approximately $21.9M to be reflected in the company’s condensed consolidated financial statements for the quarter ending September 30, 2009. None of the impairment charges represents a cash expenditure and the company does not expect that any amount of these impairment charges will result in any future cash expenditures. :theflyonthewall.com |
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February 2, 2012
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| 11:05 EDT |  | ORBC |
| theflyonthewall.com: | ORBComm initiated with a Buy at Sidoti | | :theflyonthewall.com |
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