If memory serves, IGEN had something like $100 million in tax loss carryforwards that expire at the end of this year.
Tuck,
The company's fiscal year is 3/31, so nothing will expire at 12/31/01, and I don't think any near expirations are anything like the magnitude of $100M.
Here's the info on NOLCF's from the 6/29/01 10-K, at note 7 to the 3/31/01 financial statements (p. 42 of the hard copy):
As of March 31, 2001, the Company has available for income tax reporting purposes net operating loss and general business credit carryforwards approximating $132 million and $3.9 million, respectively. These carryforwards expire in varying amounts through March 31, 2016. The use of the Company's net operating loss carryforward may be significantly reduced if substantial changes in stock ownership take place.
Presumably two additional quarters of accounting losses, including heavy legal expenses, have increased the NOLCF's to $150 million or more. (I take it that the $3.9 million of "general business credit carryforwards" is a Maryland state tax item.)
--RCM |
