Communications Central Inc. announces charge against earnings.ATLANTA--(BUSINESS WIRE)--Feb. 27, 1996--Communications Central Inc. (NASDAQ/NMS:CCIX CCIX Continuous Countercurrent Ion eXchange CCIX Climatic Change Information Exchange ) today announced its plans for early adoption of the provisions of the recently issued Financial Accounting Standard No. 121 (FAS 121), which provides guidance for calculating the extent to which the book value of fixed and intangible assets may be impaired. The Company expects to record a charge against earnings in the third fiscal quarter (March 1996) of between $14 million and $17 million, which includes primarily the impairment of the recorded book value of certain acquired assets and related intangible assets accounted for in accordance with FAS 121. Regarding the early adoption of FAS 121, Rodger Johnson, president and chief executive officer, stated: "In light of the new accounting guidance and dynamic changes in our industry, we reviewed the recorded book values of each of our acquisitions made over the past four years. We concluded that accounting for the related intangible and fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → on the basis of the cash flows to be generated by each acquisition makes sense in today's environment. The recently passed `Telecommunications Act' will accelerate the changes that are coming to the payphone payphone Noun a coin-operated telephone payphone pay n → Münztelefon nt; (card phone) → Kartentelefon nt business, and CCI CCI Chambre de Commerce et d'Industrie (France) CCI CAM (Complementary and Alternative Medicine) Citation Index CCI Chamber of Commerce and Industry (Western Australia) wants to be positioned to take advantage of this change." Founded in 1986 and headquartered in Atlanta, Georgia, CCI is a leading provider of payphones and inmate phones. The Company serves a broad range of government, corporate, and independent accounts. CCI currently owns and operates a network of over 27,000 payphones and inmate phones located in 41 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . CONTACT: CCI, Atlanta Rodger L. Johnson, 770/442-7312 President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. |
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