Matthews International Reports Non-Cash Goodwill Charge and Announces Preliminary Financial Estimates for Fiscal 2019 Fourth Quarter
Matthews International Corporation - Class A (MATW)
Last matthews international corporation - class a earnings: 1/30 04:15 pm
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Source: GlobeNewswire
PITTSBURGH, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Matthews International Corporation (NASDAQ GSM: MATW) today reported that the Company recorded a goodwill write-down in its fiscal 2019 fourth quarter. In addition, the Company announced preliminary financial expectations for its fiscal fourth quarter and year ended September 30, 2019. During the fiscal 2019 fourth quarter, the Company initiated a project to reduce costs and improve the profitability of the SGK Brand Solutions segment. This project included an evaluation of the commercial and operational structure of the segment also resulting in a re-assessment of the valuation of goodwill. As a result of that re-assessment, the Company recorded a write-down of approximately $78 million to the goodwill of the Graphics Imaging reporting unit within the segment. As a result of this non-cash charge, the Company expects to report a GAAP net loss attributable to Matthews for the fiscal 2019 fourth quarter in the range of $69 million ($
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MATW
Earnings
- 5/2/24 - Beat
MATW
Sec Filings
- 5/3/24 - Form 10-Q
- 5/3/24 - Form 8-K
- 5/1/24 - Form 3
- MATW's page on the SEC website