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| PRSC > SEC Filings for PRSC > Form 8-K on 5-Nov-2008 | All Recent SEC Filings |
5-Nov-2008
Results of Operations and Financial Condition, Material Impairments, Regu
The following information is being provided pursuant to Item 2.02. Such information, including Exhibit 99.1 attached hereto, should not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
On November 4, 2008, The Providence Service Corporation (the "Company") issued a press release containing certain financial information for the quarter and nine months ended September 30, 2008. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.
As previously reported on Form 8-K filed with the Securities Exchange Commission on October 23, 2008, as a result of the declining market price of the Company's common stock during the three months ended September 30, 2008, the Company initiated an analysis of its goodwill to determine if it had an impairment loss as required under Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets". The Company had previously anticipated it would record a non-cash impairment charge to earnings of between $90 million and $120 million for the three months ended September 30, 2008. The Company subsequently determined in the course of preparing its report on Form 10-Q for the quarterly period ended September 30, 2008 that, based on a preliminary assessment, the total asset impairment charge amounted to approximately $141 million for this period. The Company chose to record this impairment charge based on a preliminary assessment because there was not sufficient time to complete all of the required valuation analyses prior to the filing date of its report on Form 10-Q for the quarterly period ended September 30, 2008. The Company anticipates finalizing its impairment analysis when the Company performs its annual impairment analysis for the year ending December 31, 2008.
The following information is being provided pursuant to Item 7.01. Such information, including Exhibit 99.1 attached hereto, should not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
The information contained under Item 2.02 is incorporated herein by reference.
(d) Exhibits.
99.1 Company's Press Release dated November 5, 2008.
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