PlanetOut Shares Fall on Charge
09.07.2007 18:45
Computers
- Source: Forbes
Shares of PlanetOut Inc. fell Monday after the company said it must take a $24.9 million noncash impairment charge on its goodwill and other intangible assets. Shares in the media company, which serves the lesbian, gay, bisexual and transgender community, fell 16 cents, or 8.6 percent, to $1.69 in afternoon trading. During the past year, PlanetOut (nasdaq: LGBT - news - people )'s shares have traded between 86 cents and $5.19. In a filing with the Securities and Exchange Commission, the company said the charge stemmed from a necessary review of its intangible assets which it completed this spring. The review occurred after lower second-quarter sales in PlanetOut's travel and advertising business and a subsequent decline in its common stock's trading price and market capitalization, the company said. As of March 31, the company's goodwill was valued at $32.6 million, and its stockholders' equity totaled $44.6 million, according to a quarterly report PlanetOut filed with the SEC. __________ Questions or comments about this story should be directed to the Financial News desk of The Associated Press at 212-621-7190. Copyright 2007 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
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