Recorded Non-Cash Impairment Charges to be Adjusted: Net Income and Earnings per Share for the Second and Third Quarters of 2007 Increased by $1.5 Million, or $0.08 per Share and $3.6 Million, or $0.21 per Share, Respectively.
NN,Inc.today announced that it will restate its previously issued financial statements for the second quarter ended June 30, 2007 and the third quarter ended September 30, 2007. In preparing these financial statements, management analyzed certain customer relationship intangible assets that had been recorded in conjunction with the November 30, 2006 acquisition of Whirlaway Corporation and the October 2005 acquisition of the assets of SNR Roulements to determine if forecasted cash flows supported the recorded carrying values of these assets. After performing this analysis which was reviewed by its external auditors of its assumptions and interpretation of the provisions of SFAS 144,
Product Model | Inside Diameter | Outside Diameter | Thickness |
CSCG055 bearing | 139.7 | 190.5 | 25.4 |
CSXF055 bearing | 139.7 | 177.8 | 19.05 |