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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (18684)	2/17/2004 5:07:50 PM
From: Gulo	Read Replies (1) of 78530

re RTWI value... Am I right in reading that the reserve restatement and the tax benefit exceed the total profit? I.e., if their books were accurate in the first place, they wouldn't be profitable now. Revenues are still declining on a year-to-year basis, although it fluctuates Q-Q. The fourth quarter results include: (i) a $2.0 million reduction in unpaid claim and claim settlement expenses resulting from favorable development of reserves related to accidents occurring in 2002 and prior years; (ii) a $1.5 million tax benefit from reinstating a portion of our deferred income tax asset; -wearing red-coloured glasses, -g

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