Item 2.06 Material Impairments.
On
? Orbital Gas Systems,
OGSNA and Orbital
The Orbital Gas Subsidiaries provide proprietary gas measurement and sampling
technologies and the integration of process control and measuring/sampling
systems. They are legacy businesses that predate the retention of our current
CEO,
At this time, we are unable to make a good faith determination of the cost estimates or range of cost estimates, disposal costs or for charges relating to impairment of the Orbital Gas Subsidiaries' assets associated with the disposal of the Orbital Gas Subsidiaries. The Company will timely file an amendment to this current report on Form 8-K after its determination of such cost estimates or range of cost estimates and related impairment charges as they become available for each of the Orbital Gas Subsidiaries. At this time the Company does not expect to terminate employees under a plan of termination for the Orbital Gas Subsidiaries, other than in the normal course of business, as these subsidiaries will be held for sale as operating entities. Notwithstanding the foregoing, our management does not believe that the disposal costs and impairment charges associated with disposal of the Orbital Gas Subsidiaries will have a material adverse effect on our future financial performance because of the anticipated cost savings and elimination of negative cash flow associated with the Orbital Gas Subsidiaries.
We expect to sell Orbital
As a result of the commitment by our Board to dispose of the Orbital Gas
Subsidiaries assets (excluding cash and cash equivalents) and liabilities with
an aggregate carrying value at
This Form 8-K contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. The words "believe,"
"expect," "anticipate," "intend," "estimate," "forecast," "project," "plans,"
"goals," "should" and similar expressions are intended to identify
"forward-looking statements". These statements reflect our management's
expectations or beliefs as of the date of this Form 8-K. The Company undertakes
no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. In
particular, statements regarding the Company's restructuring and cost-savings
plans through the disposition of the Orbital Gas Subsidiaries constitute
forward-looking statements. These forward-looking statements are subject to
significant risks that could cause actual results to differ materially from the
expectations reflected in the forward-looking statements. Such risks include,
without limitation, that: we may be unable to achieve our anticipated results
form the business restructuring initiatives; implementation of the cost-saving
and business restructuring initiatives may take more time or cost more than
expected; we may not be able to sell the Orbital Gas Subsidiaries in a timely
fashion or on favorable terms; the anticipated cost-saving initiatives may not
be achieved, or they may be materially less than anticipated; and the
restructuring may result in disruption in delivery of services to our
customers. More information concerning potential factors that could affect
future financial results is included in the Company's Annual Report on Form 10-K
for the fiscal year ended
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Item 9.01 Financial Statements and Exhibits
Exhibit No. Description of Exhibit Cover Page Interactive Data 104 File (embedded within the Inline XBRL document)
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