This excerpt taken from the MTOX 8-K filed Mar 5, 2007.
Other expenses were down $111,000 to $205,000 in the quarter. For the year, other expenses were $1.0 million compared to $1.3 million last year. The improvement is primarily due to lower interest expense related to reductions in our average debt levels.
We recorded a tax provision for 2006 based upon an effective rate of approximately 36.8%. In the fourth quarter of last year, we recorded a one-time non-cash tax benefit which was primarily the result of the reduction of our valuation allowance on deferred tax assets. We expect our effective tax rate for 2007 to be around 36.5%.
In terms of the balance sheet, trade receivables are up from their previous year end levels due to strong November and December sales and the timing of cash receipts. Our days sales outstanding was 53.6 days for the year compared to 51.5 days last year. Our bad debt expense for the year was 0.5% of revenues. Our long term liabilities are $3.0 million of which $2.1 million relates to the mortgage on the building complex.