- Current report filing (8-K)
2009年4月29日 - 7:03PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest reported) April 28, 2009
SONIC INNOVATIONS, INC.
(Exact name of registrant as specified in its charter)
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DELAWARE
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000-30335
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87-0494518
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(State or other jurisdiction of
incorporation or organization)
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(Commission file number)
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(I.R.S. Employer
Identification No.)
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2795 East Cottonwood Parkway, Suite 660
Salt Lake City, UT 84121-7036
(Address of principal executive offices)
(801) 365-2800
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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1
ITEM 2.06
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Determination of a Material Charge for Impairment to a Companys Assets
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In November 2008, the Federal Council of Germany passed legislation, which became effective on April 1, 2009, changing the reimbursement methodology related to hearing aids sales which required Sonic Innovations,
Inc.s (the Company) German subsidiary, Sonic Innovations GmbH, to renegotiate its contracts with insurance companies. Sonic Innovations GmbH has successfully renegotiated contracts representing approximately 27 percent of revenue
and is reasonably certain that other contracts will be renegotiated shortly. However, certain insurance companies have refused to enter into contracts, and therefore, Sonic Innovations GmbH filed a lawsuit in the Social Court in Hamburg, Germany
against an insurance company representing approximately 25 percent of revenue requesting that the court compel the insurance company to enter into a contract with Sonic Innovations GmbH. On April 28, 2009, the Social Court rendered its decision
rejecting Sonic Innovations GmbHs claims. As a result of this adverse decision, the Company expects that certain other insurance companies may also refuse to renegotiate contracts with Sonic Innovations GmbH.
Without renegotiated insurance contracts, and the ability to pay customary fitting fees to the ear, nose, and throat doctors, the Company expects that the revenue from
Sonic Innovations GmbH may decline between 50-75 percent from 2009 projections. The Company is considering alternatives available to it, and as a result of the anticipated decline in revenue, the Company expects to recognize a goodwill and asset
impairment charge of approximately $14.7 million in the first quarter of 2009 related to its Sonic Innovations GmbH subsidiary.
SIGNATURE
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 duly authorized.
Dated: April 28, 2009
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SONIC INNOVATIONS, INC.
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/s/ Michael M. Halloran
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Michael M. Halloran
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Vice President and Chief Financial Officer
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