PLCE » Topics » Provision for income taxes

This excerpt taken from the PLCE 10-Q filed Jun 5, 2009.
Provision for income taxes from continuing operations was $9.0 million and $14.1 million during the First Quarter 2009 and the

 

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First Quarter 2008, respectively, and our effective tax rate was 27.5% and 42.1% during the First Quarter 2009 and the First Quarter 2008, respectively.  The decrease in our provision for income taxes and the related effective tax rate is primarily the result of a $4.5 million tax benefit in the First Quarter 2009, which was realized upon the settlement of an IRS income tax audit.

 

Income (loss) from discontinued operations, net of income taxes, was $(0.2) million in the First Quarter 2009 compared to $0.1 million in the First Quarter 2008.  The loss in the First Quarter 2009 is the result of payments of professional fees related to the wind down of the Hoop entities.  The First Quarter 2008, on a pretax basis, includes approximately $8.5 million of operating losses, $13.5 million in professional, restructuring and severance expenses associated with the Hoop bankruptcy filings and a gain on the disposal of the Disney Store business of $23.1 million.

 

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