Noah Education Holdings Ltd. (NED) announced that it expects to record a non-cash impairment charge in the range of RMB55 million to RMB60 million for intangible assets and goodwill in the fourth quarter of fiscal year 2012.
The intangible assets and goodwill impairment charge reflects a material decline in fair value of the Company's Little New Star segment and Wentai Education segment as of June 30, 2012 and the possible adverse impact of overall economic uncertainties in China.
The company noted that it does not expect the non-cash impairment charge to have an adverse impact on its normal business operations, cash position or cash flows from operating activities.
The company said it plans to announce its unaudited financial results for the fourth quarter and full fiscal year 2012 after the US market closes on Wednesday, August 29, 2012.
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