This excerpt taken from the CECO 10-Q filed May 10, 2005.
Accounting for the Impairment or Disposal of Long-Lived Assets.
During the first quarter of 2005, our management began to pursue the divestiture of the International Academy of Design and Technology Montreal (IADT Montreal), which had begun teach-out activities in January 2005. On March 16, 2005, we sold our ownership interest in IADT Montreal to a third party buyer. As a result of that transaction, we recorded a loss of $5.1 million, which represented the difference between the net proceeds received and the book value of the net assets sold. The total loss includes an approximate $2.9 million charge related to the write-off of goodwill attributable to IADT Montreal.
During the first quarter of 2005, we completed all teach-out activities at the International Academy of Design and Technology Ottawa (IADT Ottawa). As a result, we recorded a charge of approximately $0.6 million related to the write-off of goodwill attributable to IADT Ottawa. We do not expect the results of future IADT Ottawa operations necessary to exit the business to be significant to our consolidated results of operations.