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gnulaw (50.70)

SourceForge Files fy'09 10-Q...Ohloh Acquired for $2.6M, 3.7M Shares Repurchased...$4.6M Impairment loss re: Collabnet

Recs

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June 08, 2009 – Comments (1) | RELATED TICKERS: IBM , BBY , GKNT

14. Subsequent events


In April 2009, the Company repurchased 3,700,000 shares of its common stock at $0.82 per share for an aggregate purchase price of $3.0 million, pursuant to the stock repurchase program previously approved by the Company’s Board of Directors.  In June 2006, the Company acquired Ohloh Corporation, a privately-held Company for cash of approximately $2.6 million...Outstanding At May 31, 2009 Common Stock, $0.001 par value 60,477,322...

Principles of Consolidation

The interim financial information presented in this Quarterly Report on Form 10-Q includes the accounts of SourceForge and its wholly-owned subsidiaries.  All significant intercompany accounts and transactions have been eliminated in consolidation.  At March 31, 2009, the Company owned approximately 9% of CollabNet, Inc. (“CollabNet”) consisting of CollabNet’s Series C-1 preferred stock.  As the Company holds less than 20% of the voting stock of CollabNet and does not otherwise exercise significant influence over them, the investment is accounted for under the cost method.  CollabNet is a developer of software used in collaborative software development.

Other-Than-Temporary Impairment.  

All of the Company’s available-for-sale investments and non-marketable equity securities are subject to a periodic impairment review.  Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary.  This determination requires significant judgment.  For publicly traded investments, impairment is determined based upon the specific facts and circumstances present at the time, including a review of the closing price over the previous six months, general market conditions and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for recovery.  For non-marketable equity securities, the impairment analysis requires the identification of events or circumstances that would likely have a significant adverse effect on the fair value of the investment, including revenue and earnings trends, overall business prospects and general market conditions in the investees’ industry or geographic area.  Investments identified as having an indicator of impairment are subject to further analysis to determine if the investment is other-than-temporarily impaired, in which case the investment is written down to its impaired value. For the three months ended March 31, 2009, the Company recorded an impairment loss of $4.6 million related to its investment in CollabNet, which is included in interest and other income (expense), net...

Source: Form 10-Q For Period ending March 31, 2009 Filed June 8, 2009


/s/chaosUnplugged and SourceForge Shareholder News

1 Comments – Post Your Own

#1) On June 08, 2009 at 7:23 PM, gnulaw (50.70) wrote:

The 10-Q incorrectly stated the date of the Ohloh Acquisition as "...June 2006 [sic], the Company acquired Ohloh Corporation, a privately-held Company for cash of approximately $2.6 million...".

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