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Retail Energy Holding Co. Expects To Record Goodwill Impairment

November 16,2017

Premier Holding Corp., the parent of retail supplier American Illuminating Company and broker The Power Company, said in a filing with the SEC that it expects to record an impairment related to goodwill associated with its prior purchase of The Power Company

"It is anticipated that there will be a significant change in the registrant’s results of operations from the quarter ended September 30, 2016, as compared to the Form 10-Q for the period ended September 30, 2017. On February 28, 2013, the registrant acquired an 80% interest in The Power Company USA, LLC for 30,000,000 shares of the registrant’s common stock valued at $4.5 million, of which $4.0 million had been recorded as goodwill as of the balance sheet date of September 30, 2016. For the period ended September 30, 2017, the registrant evaluated the carrying value of that goodwill and, based on that evaluation, has determined that there is an impairment of approximately $2.085 million. Such impairment is expected to impact the carrying value of the goodwill recorded on the registrant’s balance sheet as of September 30, 2017, and result in impairment expense of approximately $2.085 million on the consolidated statements of operations for the three and nine months ended September 30, 2017." Premier Holding Corp. said in the SEC filing

Premier Holding Corp.   Finance   M&A  

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