Boeing to take billion-dollar charge
Posted: Fri, Apr 11, 2003, 9:53 AM ET (1353 GMT)
The Boeing Company announced late Thursday that it will take a charge of $1.2 billion in the fiscal first quarter to account for a "severe downturn" in the commercial aviation and space markets. About half of the planned charge, $590 million, is associated with the Launch and Orbital Systems segment of Boeing's Integrated Defense Systems. The writeoff is an "impairment of goodwill", or a reflection that Boeing overpaid for several commercial space companies, including McDonnell Douglas and Hughes Space and Communications, that Boeing acquired in the mid to late 1990s. Boeing plans to release additional details when it announces its first quarter results on April 23.
The Boeing Company announced late Thursday that it will take a charge of $1.2 billion in the fiscal first quarter to account for a "severe downturn" in the commercial aviation and space markets. About half of the planned charge, $590 million, is associated with the Launch and Orbital Systems segment of Boeing's Integrated Defense Systems. The writeoff is an "impairment of goodwill", or a reflection that Boeing overpaid for several commercial space companies, including McDonnell Douglas and Hughes Space and Communications, that Boeing acquired in the mid to late 1990s. Boeing plans to release additional details when it announces its first quarter results on April 23.
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