IAC Writes Down Search Business; Takes $1 Billion Loss For Q4
PaidContent Feb 09 10
IAC (NSDQ: IACI) bit an accounting bullet in Q4, taking a $991 million impairment charge for its search & media business—including Ask and excluding Citysearch. Without that after-tax charge and an unrelated write down for $12.2 million, IAC would have turned in earnings per share of $.20, an 88 percent drop from the same quarter last year but still beating estimates.(Q408 net last year was affected by a one-time pre-tax gain.) With those, IAC lost just over $1 billion, or $7.94 per share. Not to worry, it still has that $1.7 billion of cash waiting for just the right occasion. Full story...
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