DAR » Topics » Income Taxes.

This excerpt taken from the DAR 10-Q filed Nov 9, 2006.
Income Taxes. The Company recorded income tax benefit of $0.9 million for first nine months of Fiscal 2006, compared to income tax expense of $3.0 million recorded in the first nine months of Fiscal 2005, a decrease of $3.9 million, primarily due to the decreased pre-tax earnings of the Company in Fiscal 2006. The effective tax rate for Fiscal 2006 is 48.9% compared to 35.0% for Fiscal 2005, which is different from the federal statutory rate primarily due to state taxes and to employee hiring credits recognized for certain states.

 

Discontinued Operations. The Company recorded a profit from discontinued operations, net of applicable taxes, related to closure and sale of certain assets of the Company’s London, Ontario, Canadian subsidiary in the first nine months of Fiscal 2005 which was not significant.

 

This excerpt taken from the DAR 10-K filed Oct 19, 2006.
Income Taxes.    The Company recorded income tax expense of $9.2 million for Fiscal 2004, compared to income tax expense of $10.6 million recorded in Fiscal 2003, a decrease of $1.4 million (13.2%), primarily due to the decreased pre-tax earnings of the Company in Fiscal 2004.

 

 

Discontinued Operations.     The Company recorded a loss from discontinued operations, net of applicable taxes, related to planned closure and sale of the Company’s London, Ontario, Canadian subsidiary of approximately $0.4 million in Fiscal 2004, compared to income from discontinued operations of approximately $0.1 million in Fiscal 2003, a decrease in income of $0.5 million, primarily due to accrued severance and pension costs accrued as a result of the decision to close the site, as discussed elsewhere herein.

 

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This excerpt taken from the DAR 10-Q filed Aug 10, 2006.
Income Taxes. The Company recorded income tax benefit of $1.6 million for the first six months of Fiscal 2006, compared to income tax expense of $2.0 million recorded in the first six months of Fiscal 2005, a decrease of $3.6 million, primarily due to the decreased pre-tax earnings of the Company in Fiscal 2006. The effective tax rate for Fiscal 2006 is 36.7% compared to 35.8% for Fiscal 2005, which is different from the statutory rate primarily due to state taxes.

 

 

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Discontinued Operations. The Company recorded a profit from discontinued operations, net of applicable taxes, related to closure and sale of certain assets of the Company’s London, Ontario, Canadian subsidiary in the first six months of Fiscal 2005.

 

 

This excerpt taken from the DAR 10-Q filed May 11, 2006.
Income Taxes. The Company recorded income tax expense of $0.2 million for the first quarter of Fiscal 2006, compared to income tax expense of $0.5 million recorded in the first quarter of Fiscal 2005, a decrease of $0.3 million (60.0%), primarily due to the decreased pre-tax earnings of the Company in Fiscal 2006.

 

Discontinued Operations. The Company recorded a profit from discontinued operations, net of applicable taxes, related to closure and sale of certain assets of the Company’s London, Ontario, Canadian subsidiary in the first quarter of Fiscal 2005.

 

This excerpt taken from the DAR 10-K filed Mar 16, 2006.
Income Taxes.    The Company recorded income tax expense of $9.2 million for Fiscal 2004, compared to income tax expense of $10.6 million recorded in Fiscal 2003, a decrease of $1.4 million (13.2%), primarily due to the decreased pre-tax earnings of the Company in Fiscal 2004.

 

 

Discontinued Operations.     The Company recorded a loss from discontinued operations, net of applicable taxes, related to planned closure and sale of the Company’s London, Ontario, Canadian subsidiary of approximately $0.4 million in Fiscal 2004, compared to income from discontinued operations of approximately $0.1 million in Fiscal 2003, a decrease in income of $0.5 million, primarily due to accrued severance and pension costs accrued as a result of the decision to close the site, as discussed elsewhere herein.

 

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This excerpt taken from the DAR 10-Q filed Nov 10, 2005.
Income Taxes. The Company recorded income tax expense of $3.0 million for the first nine months of Fiscal 2005, compared to income tax expense of $8.6 million recorded in the first nine months of Fiscal 2004, a decrease of $5.6 million (65.0%), primarily due to the increased pre-tax earnings of the Company in Fiscal 2004 and the loss on early redemption of preferred stock of $1.7 million which is non-deductible for tax purposes, but is treated as a return of equity to preferred shareholders, creating an incremental tax effect of approximately $0.6 million. The estimated combined effective annual tax rate for state and Federal income taxes for Fiscal 2005 is approximately 35.0% and for Fiscal 2004 is approximately 39.9%.

 

Discontinued Operations. The Company recorded a profit from discontinued operations, net of applicable taxes, related to closure and sale of certain assets of the Company’s London, Ontario, Canadian subsidiary in the first nine months of Fiscal 2005, compared to income from discontinued operations in the first nine months of Fiscal 2004.

 

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This excerpt taken from the DAR 10-Q filed Aug 11, 2005.
Income Taxes. The Company recorded income tax expense of $2.0 million for the first six months of Fiscal 2005, compared to income tax expense of $5.5 million recorded in the first six months of Fiscal 2004, a decrease of $3.5 million (63.6%), primarily due to the increased pre-tax earnings of the Company in Fiscal 2004 and the loss on early redemption of preferred stock of $1.7 million which is non-deductible for tax purposes, but is treated as a return of equity to preferred shareholders, creating an incremental tax effect of approximately $0.6 million. The estimated combined effective annual tax rate for state and Federal income taxes for Fiscal 2005 is approximately 36.0% and for Fiscal 2004 is approximately 40.0%.

 

Discontinued Operations. The Company recorded a profit from discontinued operations, net of applicable taxes, related to closure and sale of certain assets of the Company’s London, Ontario, Canadian subsidiary in the first six months of Fiscal 2005, compared to income from discontinued operations in the first six months of Fiscal 2004.

 

This excerpt taken from the DAR 10-Q filed May 12, 2005.

Income Taxes

        In calculating net income, the Company includes estimates in the calculation of tax expense, the resulting tax liability, and in future utilization of deferred tax assets which arise from temporary timing differences between financial statement presentation and tax recognition of revenue and expense. The Company’s deferred tax assets include net operating loss carry-forward which is limited to approximately $0.7 million per year in future utilization due to the change in majority control, resulting from the May 2002 recapitalization of the Company. As a result of these matters, the estimate of future utilization of deferred tax assets relies upon the forecast of future reversal of the Company’s deferred tax liabilities, which provide some evidence of the ability of the Company to utilize deferred tax assets in future years. Valuation allowances for deferred tax assets are recorded when it is more likely than not that deferred tax assets will expire before they are utilized and the tax benefit is realized. Based upon the Company’s evaluation of these matters, a significant portion of the Company’s net operating loss carry-forwards will expire unused. The valuation allowance established to provide a reserve against these deferred tax assets was approximately $20.3 million and $20.3 million at April 2, 2005 and January 1, 2005, respectively.

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