Jabil finalizes second quarter results

As announced on March 24, 2009 during the company's second fiscal quarter conference call, Jabil Circuit, Inc. (NYSE:JBL) has been undergoing an impairment analysis of its consolidated balance sheet goodwill. The macro-economic environment has resulted in customer demand declines and a sustained decline in the company's market capitalization below its carrying value at February 28, 2009.

As a result of this analysis, the company has determined that all goodwill was impaired except for approximately $23.3 million associated with the Aftermarket Services reporting unit.

Jabil determined that the goodwill related to the Consumer reporting unit is fully impaired and has recorded a non-cash goodwill impairment charge of approximately $82.7 million for the three months ended February 28, 2009. Further, the company has also determined that the goodwill related to the EMS reporting unit is impaired and has recorded a preliminary non-cash goodwill impairment charge of approximately $622.4 million for the three months ended February 28, 2009. The company's revenue and income guidance for its third fiscal quarter remains unchanged.