Hello -
I was looking over Corcom's figures for their last quarter and had a
couple of questions maybe someone could address.
Does anyone have a good understanding of what the income tax
provision is? That is, where does the $1.026 million come from? Is
it something that will eventually have to be paid back to the IRS
which will impact future earnings? Or is it even from the IRS?
Also, why isn't Corcom taxed at the full rate to start with?
Any clarification of these tax issues would be greatly appreciated.
Pat McGuirk
Corcom, Inc. Condensed Statements of Operations
(In thousands, except share data)
31 Dec. 31 Dec.
Thirteen Weeks Ended (Unaudited) 1996 1995
Sales $ 8,720 $ 8,320
Income before income taxes 845 814
Income tax (benefit) provision (1,026) 28
Net income $ 1,871 $ 786
Income per share $ 0.47 $ 0.20
Average shares outstanding 3,971,167 3,947,772 |
