FZN » Topics » INCOME TAXES

These excerpts taken from the FZN 10-Q filed May 14, 2009.

INCOME TAXES

We recorded a benefit for income tax expense of $232,000 and $364,000 for the third quarter of fiscal years 2009 and 2008, respectively. Our effective income tax rate for the third quarters of fiscal year 2009 and 2008 was 25% and 47%, respectively.   The large decrease in our effective rate for the third quarter of fiscal year 2009 related to the cumulative reversal of state tax deferrals as a result of us reducing our state filings.


INCOME TAXES

We recorded a benefit for income taxes of $38,000 and $207,000 for the first three quarters of fiscal years 2009 and 2008, respectively. Our effective income tax rate for the first three quarters of fiscal year 2009 and 2008 was 8.7% and 53.8% respectively.

These excerpts taken from the FZN 10-Q filed Jan 22, 2009.

INCOME TAXES

We recorded a provision for income tax expense of $104,000 and $153,000 for the second quarter of fiscal years 2009 and 2008, respectively. Our effective income tax rate for both the second quarter of fiscal year 2009 and 2008 was computed to be 40%.

INCOME TAXES

We recorded a provision for income tax expense of $194,000 and $157,000 for the first two quarters of fiscal years 2009 and 2008, respectively. Our effective income tax rate for the first two quarters of fiscal year 2009 and 2008 was computed to be 40%.

This excerpt taken from the FZN 10-Q filed Nov 4, 2008.

INCOME TAXES

We recorded a provision for income tax expense of $90,000 and $4,000 for the first quarter of fiscal years 2009 and 2008, respectively. Our effective income tax rate for the first quarter of fiscal year 2009 was computed to be 40% as compared to 38% for the first quarter of fiscal year 2008.

These excerpts taken from the FZN 10-K filed Sep 17, 2008.

INCOME TAXES

The effective income tax rate was (450.0)% and (156.3)% in fiscal years 2008 and 2007, respectively.  In fiscal year 2007, as a result of positive earnings in recent years, the effective income tax rate differed from the applicable mixed statutory rate of approximately 38.0% primarily due to the Company’s current year release of valuation allowances of $7,258,000 resulting in a (194.3)% reduction in effective tax. 


INCOME TAXES


The effective income tax rate was (450.0)% and (156.3)% in fiscal years 2008 and 2007, respectively.  In fiscal year 2007, as a result of positive earnings in recent years, the effective income tax rate differed from the applicable mixed statutory rate of approximately 38.0% primarily due to the Company’s current year release of valuation allowances of $7,258,000 resulting in a (194.3)% reduction in effective tax. 




These excerpts taken from the FZN 10-K filed Sep 17, 2008.

INCOME TAXES

The effective income tax rate was (156.3)% and 0.5% in fiscal years 2007 and 2006, respectively.  In fiscal year 2007, as a result of positive earnings in recent years, the effective income tax rate differed from the applicable mixed statutory rate of approximately 38.0% primarily due to the Company’s current year release of valuation allowances of $7,258,000 resulting in a (194.3)% reduction in effective tax. 


In June 2006, the FASB issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109 (“FIN 48”).  This Statement addresses uncertainty in tax positions recognized in a company’s financial statements and stipulates a recognition threshold and measurement of a tax position taken or expected to be taken in a tax return.  Management is currently studying the impact on its financial position upon the adoption of this pronouncement starting in the first quarter of the Company’s fiscal year 2008.


DISCONTINUED OPERATIONS

The Company completed the closedown of the Norway facility and received official notice in June 2007.  The favorable $117,000 amount represents the final resolution of the estimated expenses related to the closedown effort.


INCOME TAXES


The effective income tax rate was (156.3)% and 0.5% in fiscal years 2007 and 2006, respectively.  In fiscal year 2007, as a result of positive earnings in recent years, the effective income tax rate differed from the applicable mixed statutory rate of approximately 38.0% primarily due to the Company’s current year release of valuation allowances of $7,258,000 resulting in a (194.3)% reduction in effective tax. 




In June 2006, the FASB issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109 (“FIN 48”).  This Statement addresses uncertainty in tax positions recognized in a company’s financial statements and stipulates a recognition threshold and measurement of a tax position taken or expected to be taken in a tax return.  Management is currently studying the impact on its financial position upon the adoption of this pronouncement starting in the first quarter of the Company’s fiscal year 2008.




DISCONTINUED OPERATIONS


The Company completed the closedown of the Norway facility and received official notice in June 2007.  The favorable $117,000 amount represents the final resolution of the estimated expenses related to the closedown effort.




This excerpt taken from the FZN 10-Q filed May 15, 2008.

INCOME TAXES

We recorded a benefit for income taxes of $207,000 and $7,879,000 for the first three quarters of fiscal years 2008 and 2007, respectively. Our effective income tax rate for the first three quarters of fiscal year 2008 was computed to be 53.8% as compared to 284.2% for the first three quarters of fiscal year 2007, which was based on minimum tax payments and a full valuation allowance on our deferred tax assets.


In June 2006, the FASB issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109 (“FIN 48”).  FIN 48 addresses uncertainty in tax positions recognized in a company’s financial statements and stipulates a recognition threshold and measurement of a tax position taken or expected to be taken in a tax return.  We adopted FIN 48 on July 1, 2007 and the effect of applying the provisions of this interpretation was not material.






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This excerpt taken from the FZN 10-Q filed Jan 24, 2008.

INCOME TAXES

We recorded a provision for income taxes of $157,000 and $10,000 for the first two quarters of fiscal years 2008 and 2007, respectively. Our effective income tax rate for the first two quarters of fiscal year 2008 was computed to be 40.4% as compared to 0.5% for the first two quarters of fiscal year 2007, which was based on minimum tax payments and a full valuation allowance on our deferred tax assets.


In June 2006, the FASB issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109 (“FIN 48”).  This Statement addresses uncertainty in tax positions recognized in a company’s financial statements and stipulates a recognition threshold and measurement of a tax position taken or expected to be taken in a tax return.  The Company adopted FIN 48 on July 1, 2007 and the effect of applying the provisions of this interpretation was not material.


This excerpt taken from the FZN 10-Q filed Nov 5, 2007.

INCOME TAXES

 

We recorded a provision for income taxes of $4,000 and $6,000 for the first quarter of fiscal years 2008 and 2007, respectively. Our effective income tax rate for the first quarter of fiscal year 2008 was computed to be 36.4% as compared to 1.1% for the first quarter of fiscal year 2007 which was based on minimum tax payments.

 

In June 2006, the FASB issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109 (“FIN 48”).  This Statement addresses uncertainty in tax positions recognized in a company’s financial statements and stipulates a recognition threshold and measurement of a tax position taken or expected to be taken in a tax return.  The Company adopted FIN 48 on July 1, 2007 and the effect of applying the provisions of this interpretation was not material.

 

This excerpt taken from the FZN 10-K filed Sep 21, 2007.

INCOME TAXES

The effective income tax rate was (210.4)% and 0.5% in fiscal years 2007 and 2006, respectively. In fiscal year 2007, as a result of positive earnings in recent years, the effective income tax rate differed from the applicable mixed statutory rate of approximately 38.0% primarily due to the Company’s current year release of valuation allowances of $9,077,000 resulting in a (248.4)% reduction in effective tax.

In June 2006, the FASB issued Interpretation No. 48, Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109 (“FIN 48”). This Statement addresses uncertainty in tax positions recognized in a company’s financial statements and stipulates a recognition threshold and measurement of a tax position taken or expected to be taken in a tax return. Management is currently studying the impact on its financial position upon the adoption of this pronouncement starting in the first quarter of the Company’s fiscal year 2008.

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DISCONTINUED OPERATIONS

The Company completed the closedown of the Norway facility and received official notice in June 2007. The favorable $117,000 amount represents the final resolution of the estimated expenses related to the closedown effort.

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