DJ Natl Amern Unvrsty Hldgs Files 8K - Costs of Exits Or Disposals >NAUH
National American University Holdings Inc. (NAUH) filed a Form 8K - Costs of Exits Or Disposals - with the U.S Securities and Exchange Commission on October 29, 2018.
On October 29, 2018, National American University's Board of Governors approved a strategic plan that focuses National American University's growth strategies on online academic programs and expanding its programming and services related to strategic security, counter-terrorism, and intelligence for the public and private sectors. National American University remains committed to offering many of its current programs and maintaining its longstanding mission to assist students in achieving their educational goals and preparing them for employment in a rapidly evolving and increasingly competitive employment market.
In alignment with its new strategic plan, National American University suspended new student enrollment in 34 of its 128 programs effective November 1, 2018. National American University will continue to serve active students currently enrolled in these programs. To accelerate its strategic shift to online academic programs and to gain greater efficiencies through the centralization of its student-facing services, the Company is implementing appropriate staff reductions and other personnel actions.
In connection with these changes, the Company anticipates that it will incur asset impairment charges of up to $5 million in the second quarter of fiscal year 2019 to reduce the carrying value of long-lived assets to their respective fair value. The Company also anticipates paying approximately $0.9 million related to cash severance and related costs for staff reductions. In addition, current ground locations with remaining lease obligations may incur charges representing the net present value of the remaining lease obligations reduced by an estimated amount for sublease income. The estimated amount of the charges cannot be determined at this time as it depends on the timing of the strategic shift for each location and the actual enrollment of students at such locations.
The full text of this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1399855/000165495418011946/nauh_8k.htm
Any exhibits and associated documents for this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1399855/000165495418011946/0001654954-18-011946-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.
(END) Dow Jones Newswires
November 02, 2018 16:26 ET (20:26 GMT)
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