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Engility Swings To Loss In Fourth Quarter, Full Year On Impairment Charge

Engility Swings To Loss In Fourth Quarter, Full Year On Impairment Charge
John Hynes, president and chief operating officer of Engility. Photo: Engility

A hefty charge related to declines in its stock price this year and declines in its defense business caused Engility [EGL] to record a nearly $300 million non-cash goodwill charge in its fourth quarter, leading to a loss in the quarter and for all of 2015, the company reported on Thursday.The $292 million impairment charge was higher than originally expected and stems from a disparity between the initial fair value estimate and subsequent market capitalization related a bigger than expected…

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