Equity LifeStyle Properties, Inc. (NYSE:ELS) announced last week that it will take a non-cash charge for write-off of goodwill in the fourth quarter of 2010 of approximately $3.6 million. The write-off of the goodwill is from its August 2009 acquisition of a small Florida internet and media based advertising business. The business operates a call center for advertising and resale of brokerage services for the sale of campground memberships and vacation ownership intervals. ELS acquired the operation in an effort to consolidate its call center operations and rollout new membership products. As part of the write-off, it is evaluating the sale of the advertising and resale brokerage services, a possible transfer of the operation to a separate operating division or ceasing certain operations. The net income from the advertising and resale brokerage services in 2010 is expected to be approximately $0.3 million.
For more details, visit the 8-K