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PCCC » Topics » Special charges in the first quarter of 2009 totaled $0.9 million and were related to workforce reduction and management restructuring costs. We did not record any special charges in the three months ended March 31, 2008.

This excerpt taken from the PCCC 10-Q filed May 8, 2009.

Special charges in the first quarter of 2009 totaled $0.9 million and were related to workforce reduction and management restructuring costs. We did not record any special charges in the three months ended March 31, 2008.

 

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Loss from operations for the first quarter of 2009 was $2.6 million, compared to operating income of $7.4 million for the first quarter of 2008. Loss from operations as a percentage of net sales was 0.8% for the first quarter of 2009 compared to income from operations of 1.7% as a percentage of net sales for the first quarter of 2008.

Interest expense for the first quarter of 2009 was relatively unchanged from the first quarter of 2008, and was attributed in both periods to the capital lease obligation described below under “Liquidity and Capital Reserve.”

Our effective tax benefit rate was 35.3% for the first quarter of 2009, a slight increase from the effective tax rate of 35.0% for the first quarter of 2008.

Net loss for the first quarter of 2009 was $1.6 million compared to net income of $4.8 million for the first quarter of 2008, primarily because of our 2009 operating loss.

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