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Technology Stocks : Ampex Corporation (AEXCA) -- Ignore unavailable to you. Want to Upgrade?

To: CompJock who wrote (3036)	7/23/1998 10:11:00 PM
From: HPilot	Read Replies (2) \| Respond to of 17679

CompJock, Expences for aquiaition will not be for the past quarter but would commence July 1. May have more royality income I don't know. As for as any more tax credit I can't make head or tails of the following: Note 8 -- Income Taxes In the first quarter of 1998, the Company reversed $5.2 million previously reserved in connection with disputed state income taxes for the prior years, following the favorable settlement of that dispute in March 1998. The provisions for income taxes in the first quarter of 1997 consist primarily of foreign income taxes and withholding taxes on royalty income. The Company was not required to include any provision for U.S. federal taxes in the first quarters of 1998 and 1997 because of certain timing differences in the recognition of expense for tax and financial reporting purposes. As of December 31, 1997, the Company had net operating loss carryforwards for income tax purposes of $100.0 million, expiring in the years 2005 through 2009. As a result of certain financing transactions that were completed in April 1994 and February 1995, the Company's ability to utilize its net operating losses and credit carryforwards against future consolidated federal income tax liabilities will be restricted in their application, which will result in a material amount of the net operating loss never being utilized by the Company. What does this mean????