Classmates.com 2009 Annual Report Download - page 146
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Table of Contents
UNITED ONLINE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
13. ACQUISITIONS (Continued)
The weighted-average amortizable life of the definite-
lived acquired intangible assets is 5.6 years. The goodwill is not deductible for federal
tax purposes.
The results of FTD's operations have been included in the Company's consolidated financial statements since the Closing Date. The
following unaudited pro forma information assumes the FTD acquisition occurred at January 1, 2008 and 2007 (in thousands, except per share
amounts):
The unaudited pro forma information is presented for illustrative purposes only and does not purport to be indicative of the results of future
operations of the Company or of the results that would have actually been attained had the operations been combined during the periods
presented. The pro forma net loss per common share amounts for the year ended December 31, 2008 included the following items recorded in
FTD's pre-acquisition results of operations (in thousands):
14. IMPAIRMENT OF GOODWILL, INTANGIBLE ASSETS AND LONG-LIVED ASSETS
Under ASC 350, goodwill and indefinite-lived intangible assets must be tested for impairment annually or when events occur or
circumstances change that would indicate that goodwill or indefinite-lived intangible assets might be permanently impaired. Under ASC 360,
identifiable intangible assets and other long-lived assets, other than indefinite-lived intangible assets, must be tested for impairment when events
occur or circumstances change that would indicate the carrying amount of an asset may not be recoverable.
Impairment of Indefinite
-Lived Intangible Assets
2008 Impairment Charge
As discussed in Note 13, the Company acquired the FTD and Interflora trademarks and trade names in the FTD acquisition. These were
recorded at their estimated fair value of $229.8 million as of the Closing Date. Due to the proximity of the Closing Date to the annual
impairment assessment date of October 1, 2008, management reviewed the validity of the assumptions included in the Closing Date valuation
and determined that there was no impairment of these indefinite-lived intangible assets.
F-42
Year Ended
December 31,
2008
Year Ended
December 31,
2007
Revenues
$
1,109,441
$
1,145,438
Net income (loss)
$
(103,717
)
$
68,157
Net income (loss) applicable to
common stockholders
$
(106,782
)
$
64,316
Basic net income (loss) per
common share
$
(1.31
)
$
0.81
Diluted net income (loss) per
common share
$
(1.31
)
$
0.80
Year Ended
December 31, 2008
Expenses related to the early repayment of
FTD's existing debt
$
10,463
Transaction
-
related expenses
16,171
Total
$
26,634