IAC swings to Q4 loss
Quarterly loss of $1 bil due to impairment chargeNEW YORK -- Barry Diller's IAC on Tuesday said it swung to a fourth-quarter loss due to an impairment charge.
The Internet firm posted a quarterly loss of $1 billion, compared with a $227.4 million profit in the year-ago period. For the full year 2009, IAC's loss ballooned to $978.8 million from a 2008 loss of $156.2 million.
IAC booked a $991.9 million after-tax impairment charge related to its search and media assets and a $12.2 million after-tax write-down of a derivative asset. The prior year included a gain associated with the sale of Jupiter Shop Channel, partially offset by writedowns and impairment charges, which had a cumulative profit impact of $205.7 million.
Revenue rose 5% to $367.2 million, leaving the full year figure down 5% at $1.38 billion.
Fourth-quarter revenue at IAC's new "media and other:" segment, which includes CollegeHumor, The Daily Beast and Ben Silverman's Electus, rose 6% to $63.5 million. The operating loss narrowed to $1.2 million from $30.4 million.