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DRCO > SEC Filings for DRCO > Form 8-K on 1-Nov-2012All Recent SEC Filings

Show all filings for DYNAMICS RESEARCH CORP

Form 8-K for DYNAMICS RESEARCH CORP


1-Nov-2012

Results of Operations and Financial Condition, Material Impairments, Finan


Item 2.02. Results of Operations and Financial Condition

Financial Results

On October 31, 2012, Dynamics Research Corporation (the "Company") issued a press release announcing financial results as of and for the three and nine months ended September 30, 2012. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing of the company under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.



Item 2.06. Material Impairments

As reported in the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2012, due to a decline market price of the Company's stock, the market capitalization of the Company was below the carrying value, which was considered a triggering event requireing an interim impairment test. Based on the results of the step 1 analysis, management, with the assistance of a third party valuation specialist, determined on August 2, 2012 that the Company's fair value was below the carrying value of its equity as of June 30, 2012. At that time, the Company estimated the range of impairment to be between $12.0 million and $212.0 million and recorded in the second quarter of 2012 an estimated goodwill impairment charge of $12.0 million. Following the completion of the step 2 evaluation on October 31, 2012, the Company determined the total amount of the impairment of goodwill to be $48.6 million, which resulted in an additional charge of $36.6 million in the quarter ending September 30, 2012.



Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

Number
99.1 Press release dated October 31, 2012.


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