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ROST » Topics » Note D: Impairment/Gain on Disposal of Long-Lived Assets

This excerpt taken from the ROST 10-Q filed Dec 7, 2005.

Note D:  Impairment/Gain on Disposal of Long-Lived Assets

During the second quarter of 2004, the Company relocated its corporate headquarters from Newark, California to Pleasanton, California and decided to pursue a sale of its Newark, California distribution center and corporate headquarters (“Newark Facility”).  The Company recognized a non-cash impairment charge of $18 million before taxes in the second quarter 2004 to write-down the carrying value of its Newark Facility from its net book value of approximately $33 million to the estimated fair value at the time of approximately $15 million.  During the third quarter of 2004, the Company sold the Newark Facility for net proceeds of approximately $17 million.  The Company recognized a gain (reduction in impairment loss) of approximately $2 million in the third quarter 2004 on the sale of its Newark Facility.  For the nine months ended October 30, 2004, the net impairment charge recognized by the Company was approximately $16 million.

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