Symmetricom Inc - Current report filing (8-K)
August 14 2008 - 4:08PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current
Report Pursuant to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date
of Report (date of earliest event reported):
August 14,
2008
SYMMETRICOM,
INC.
(Exact
name of registrant as specified in its charter)
Delaware
|
|
000-02287
|
|
95-1906306
|
(State
or other jurisdiction
of Incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S.
Employer Identification
Number)
|
2300 Orchard
Parkway, San Jose, California 95131-1017
(Address
of principal executive offices, including zip code)
(408) 433-0910
(Registrants
telephone number, including area code)
Not Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
o
Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02:
Results of Operations and Financial Condition.
See Item 2.06 below.
Item 2.06:
Material Impairments.
Pursuant to FASB Statement
of Financial Accounting Standard No. 142, Goodwill and Other Intangible
Assets, and Financial Accounting Standard No. 144, Accounting for the
Impairment or Disposal of Long-Lived Assets, the Company performed an annual
impairment analysis of its goodwill and intangible assets associated with its Quality
of Experience (QOE) reporting unit. On August 14, 2008, the Company
concluded that the current carrying value of the goodwill and intangible assets
associated with this reporting unit was impaired.
The Companys estimate is
that the goodwill and intangible asset impairment charges will be approximately
$14.4 million. These impairment charges will be recorded in the Companys
consolidated financial statements as of and for the fiscal quarter and year
ended June 29, 2008.
The Company will not be
required to make any current or future cash expenditures as a result of these
impairment charges.
Also on August 14,
2008, we issued a press release that discusses this non-cash impairment charge.
A copy of the press release is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.
Item
9.01: Financial Statements, Pro Forma Financial Information and Exhibits.
(d)
Exhibits.
The following exhibits are
filed with this Form 8-K:
99.1 Press Release dated August 14, 2008.
2
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Date:
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August 14, 2008.
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By:
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/s/ William Slater
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William Slater
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Chief Financial Officer and
Secretary
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3
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