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| PCCC > SEC Filings for PCCC > Form 8-K on 16-Mar-2009 | All Recent SEC Filings |
16-Mar-2009
Results of Operations and Financial Condition, Material Impairments, Financial
On March 13, 2009, PC Connection, Inc. revised its financial results for the quarter and year ended December 31, 2008, pursuant to the completion of its previously announced goodwill impairment review. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 2.02 of this Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
In connection with its year-end financial and accounting procedures, PC Connection, Inc., a Delaware corporation (the "Company"), tested its goodwill and infinite-lived assets for possible impairment in accordance with Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets." Based on its analysis, the Company concluded on March 12, 2009, that due to the continued deteriorating environment and the decline in the market value of its common stock, the goodwill held by its public sector segment is impaired. As a result, the Company recorded an additional non-cash impairment charge of $7.6 million, which represented the entire goodwill balance for this reporting unit. The Company will file on or before March 16, 2009 its Annual Report on Form 10-K for the year ended December 31, 2008, reflecting these goodwill charges and results of operations. The impairment will not result in any current or future cash expenditures.
(d) Exhibits
The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:
99.1 Press Release issued by PC Connection, Inc. on March 13, 2009.
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