PMI » Topics » Item 2.06. Material Impairments.

This excerpt taken from the PMI 8-K filed Jan 21, 2005.

Item 2.06. Material Impairments.


Based on the transactions contemplated by the Summary of Terms, PMI concluded on January 19, 2005, that it will recognize a realized capital loss relating to its investment in SPS of approximately $20.4 million on a pre-tax basis, or $13.3 million on an after-tax basis, in the fourth quarter of 2004. PMI does not anticipate that this realized capital loss will result in any future cash expenditures by PMI.


Please see the information set forth above under Item 1.01, which is incorporated by reference into this Item 2.06.





Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




Dated: January 21, 2005




/s/ Donald P. Lofe, Jr.


Donald P. Lofe, Jr.


Executive Vice President, Chief Financial Officer

Dated: January 21, 2005




/s/ Brian P. Shea


Brian P. Shea


Senior Vice President, Corporate Controller



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