BEAM take out a one time litigation settlement of 34.4 million and a 2 million sale of an asset and this company has less than a million in income in 98. For the last quarter if you take out the 2 million
for a one time sale of an asset and a one time accounting change that
added .9 million you can subtract 60% of their earnings per share.
Nice year but how many 30 million settlements can you rely on?
Income from continuing operations before the cumulative effect of accounting change in 1998 was $36.7 million, or $1.17 per share, which includes a litigation settlement of $34.4 million, net of related expenses and the $2.0 million gain on the sale of assets. Income from continuing operations for 1997 was $0.8 million, or $0.03 per share. Net income in 1998 was $27.6 million or $0.88 per share compared to $21.4 million or $0.68 per share in 1997. Net income in 1997 includes a favorable impact of $20.6 million related to discontinued operations
Income from continuing operations for the fourth quarter of 1998 was $3.6 million, or $0.12 per share, as compared to a loss from continuing operations of $0.4 million, or $(0.01) per share, in the fourth quarter of 1997. Income from continuing operations in the fourth quarter 1998 was favorably impacted by a gain of $2.0 million from the sale of assets related to a cardiovascular laser technology that Summit was previously developing. Net income in the fourth quarter 1998 was $4.5 million, or $0.15 per share, which included a gain of $0.9 million on the sale of the Company's vision correction centers, compared to a net loss of $0.4 million, or $(0.01) per share, in the prior year.
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