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Clayton Faces Impairment Charges Up to $100M in Fourth Quarter
By: PAUL JACKSON
December 4, 2007
Clayton Holdings, Inc. said Tuesday that it will take a pre-tax, impairment charge of between $75 million and $100 million in the fourth quarter of 2007, reflecting the reduced carrying value of goodwill, intangible assets and other long-lived assets of its transaction management business.
“As we have reported for several quarters, the steep decline in new nonconforming securities issuance has significantly reduced our transaction management revenues,” said chairman and CEO Frank Filipps. “While we are well positioned to benefit from any recovery in this market, internal and industry projections anticipate continued lower levels of MBS/ABS issuance throughout much of 2008 and possibly into 2009.”
After the charge, the carrying value of Clayton’s goodwill and other intangible assets will total approximately $38 million to $63 million.
For more information, visit http://www.clayton.com.
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