Logitech International (SIX:LOGN) (Nasdaq:LOGI) today announced that, based on a third party valuation report, it will take a non-cash, non-tax-deductible goodwill impairment charge related to the acquisition of Lifesize. As communicated in April 2015, Logitech has been evaluating the goodwill associated with Lifesize. This charge is expected to be between $100 million and $123 million in the fourth quarter of Fiscal Year 2015.
The charge does not affect the Company's operating performance. It is still subject to further review by the Company and its independent auditors, including the routine review of subsequent events, prior to the filing of its Annual Report on Form 10-K for the fiscal year ended March 31, 2015.
As announced last month, Logitech is reorganizing its Lifesize business to sharpen its focus on Lifesize's new cloud-based offering which is gaining significant market traction. Logitech is implementing these actions, and considering others, to optimize the value of its video conferencing reporting unit.
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