Mike: After looking at the Westell report....
....For the three months ended March 31, 1998, the loss from
continuing operations was $6.4 million, or 18 cents per share,
compared to a loss of $4.3 million, or 12 cents per share, in the
same quarter last year. The increased loss was expected and was
due mainly to a valuation allowance of $2.9 million for deferred tax
benefits generated during the quarter. Tax benefits will still
accrue to the company, but since the value of the resulting deferred
tax asset would have exceeded the value of tax planning strategies
available, this valuation reserve was required in accordance with
Generally Accepted Accounting Principles....
Loss from continuing 4Q98 4Q97
operations before taxes (6,367) (7,368)
Benefit for income taxes -- (3,030)
Effective tax rate 0.0% 41.1%
Loss from continuing operations $(6,367) $(4,338)
Basic and diluted loss per
common share from
continuing operations (0.18) (0.12) NM
biz.yahoo.com
Westell didn't take the tax break on th 6.367million loss for this
quarter. There was also that one time charge of $600,000 granted to
Gary Seamans for his retirement.... until later. |
