Add
RTEC to Portfolio
Set Alert
Email to a
Friend
| |||
|
|
Quotes & Info
|
| RTEC > SEC Filings for RTEC > Form 8-K on 23-Dec-2008 | All Recent SEC Filings |
23-Dec-2008
Material Impairments, Change in Directors or Principal Officers, Regulat
On December 19, 2008, Rudolph Technologies, Inc. (the "Company") determined that it will record a non-cash impairment charge in the range of $200 to $235 million related to the impairment of goodwill and intangibles mainly triggered by the decline in the Company's market capitalization. The write-down is in accordance with the requirements of the FASB's Statement of Financial Accounting Standards No. 142 "Goodwill and Other Intangible Assets" and FASB Statement No. 144 "Accounting for the impairment or Disposal of Long-Lived Assets." The actual amount of the impairment charge (to be determined in accordance with the Company's valuation procedures and analysis) will be communicated along with the announcement of its 2008 results.
In addition, due to the current economic downturn and increasing weakness across all markets served by the Company, it will record a non-cash charge of approximately $10 to $12 million to write-down excess inventory, inventory related to discontinued product lines, and obsolete assets.
Jeffrey L. O'Dell, a member of the Board of Directors (the "Board") of the Company resigned as a member of the Company's Board effective as of December 19, 2008. Mr. O'Dell has served as one of the Company's directors since February 2006. This voluntary decision by Mr. O'Dell was to spend more time on his personal and business ventures and was not the result of any disagreement with the Company, the Board or any matter relating to their operations, policies or practices.
On December 19, 2008, the Company issued a press release (a copy of which is attached as Exhibit 99.1) that describes the matters related to Item 2.06 and provides revised revenue and adjusted earnings per share projections for the quarter ended December 31, 2008.
The information in this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
(d) Exhibits
Exhibit No. Description of Exhibit
99.1 Press Release issued December 19, 2008
|
|