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This excerpt taken from the UFPT 10-Q filed May 12, 2009. Other Expenses
Net income attributable to noncontrolling interests was approximately $16,000 for the three-month periods ended March 31, 2009, and 2008.
Net interest expense decreased for the three-month period ended March 31, 2009, to approximately $82,000 from $98,000 in the same 2008 period. This decline is primarily due to lower interest rates, partially offset by higher average borrowings. Interest income for the three-month period ended March 31, 2009, was approximately $4,000 compared to $25,000 for the same period in 2008.
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The Company recorded a tax expense of approximately 36% and 38% of income before income tax expense for the three-month periods ended March 31, 2009, and 2008, respectively. The current quarter effective tax rate represents management’s best estimate as to the expected fiscal year 2009 effective tax rate.
This excerpt taken from the UFPT 10-Q filed Nov 7, 2008. Other Expenses:
Minority interest earnings were approximately $17,000 and $49,000, respectively, for the three- and nine-month periods ended September 30, 2008, compared to approximately $25,000 and $68,000 in the same respective periods last year.
Net interest expense decreased for the three- and nine-month periods ended September 30, 2008, to approximately $72,000 and $270,000, respectively, from $100,000 and $402,000 in the same respective periods last year. This decline is primarily due to lower average borrowings and interest income from invested cash. Interest income for the three- and nine-month periods ended September 30, 2008, was approximately $22,000 and $57,000, respectively, and $53,000 and $73,000, respectively, for the same periods in 2007.
The Company recorded a tax expense of approximately 38% for all periods presented.
This excerpt taken from the UFPT 10-Q filed Aug 12, 2008. Other Expenses:
Minority interest earnings were approximately $16,000 and $32,000, respectively, for the three- and six-month periods ended June 30, 2008, compared to approximately $17,000 and $43,000 in the same respective periods last year.
Net interest expense decreased for the three- and six-month periods ended June 30, 2008, to approximately $99,000 and $197,000, respectively from $149,000 and $302,000 in the same respective periods last year. This decline is primarily due to lower average borrowings, interest income from invested cash, and lower interest rates. Interest income for the three- and six-month periods ended June 30, 2008, was approximately $10,000 and $35,000, respectively, and $12,000 and $20,000, respectively, for the same periods in 2007.
The Company recorded a tax expense of approximately 38% of pre-tax income for the three- and six-month periods ended June 30, 2008, and 2007.
This excerpt taken from the UFPT 10-Q filed May 13, 2008. Other
Expenses:
Minority interest earnings were approximately $16,000 for the three-month period ended March 31, 2008, compared to approximately $25,000 in the same respective periods last year.
Net interest expense declined for the three-month period ended March 31, 2008, to approximately $98,000 from $153,000 in the same period last year. This decline is primarily due to lower average borrowings, interest rate reductions, and interest income from invested cash.
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The Company recorded a tax expense of approximately 38% of pre-tax income for both the three-month periods ended March 31, 2008 and 2007.
This excerpt taken from the UFPT 10-Q filed Nov 9, 2007. Other Expenses:
Minority interest earnings were approximately $25,000 and $68,000 for the three- and nine-month periods ended September 30, 2007, compared to approximately $26,000 and $86,000 in the same respective periods last year.
Net interest expense declined for the three- and nine-month periods ended September 30, 2007 to approximately $100,000 and $400,000, from $219,000 and $759,000, respectively. The decline for both periods is primarily due to lower average borrowings and interest income from invested cash.
The Company recorded a tax expense of approximately 38% of pre-tax income for the three- and nine-month periods ended September 30, 2007 and 2006.
This excerpt taken from the UFPT 10-Q filed Aug 10, 2007. Other Expenses:
Minority interest earnings were approximately $17,000 and $43,000 for the three- and six-month periods ended June 30, 2007, compared to approximately $28,000 and $60,000 in the same respective periods last year. Interest expense declined for the three and six-month periods ended June 30, 2007 to $149,000 and $302,000, from $276,000 and $539,000, respectively. The decline for both periods is primarily due to lower average borrowings. The Company recorded a tax expense of approximately 38.0% of pre-tax income for the three- and six-month periods ended June 30, 2007 and 2006. This excerpt taken from the UFPT 10-Q filed May 11, 2007. Other
Expenses:
Minority interest earnings were approximately $25,000 for the three-month period ended March 31, 2007, compared to approximately $32,000 in the same respective periods last year. 15 Interest expense for the three-month period ended March 31, 2007 decreased to approximately $153,000 from approximately $263,000 in the same period last year. The decline in interest expense for the three-month period ended March 31, 2007 is primarily due to lower average debt. The Company recorded a tax expense of approximately 38% of pre-tax income for the three-month periods ended March 31, 2007 and 2006. This excerpt taken from the UFPT 10-Q filed Nov 13, 2006. Other Expenses:Minority interest earnings were approximately $26,000 and $86,000 for the three- and nine-month periods ended September 30, 2006, compared to approximately $22,000 and $256,000 in the same respective periods last year. The decrease in minority interest earnings for the nine-month period ended September 30, 2006 is primarily due to a gain recorded on the books of United Development Company Limited (“UDT”) during the first quarter of 2005 for the settlement of an insurance claim associated with property damage sustained in the Company’s Kissimmee, Florida manufacturing plant from Hurricane Charley in August, 2004. Because the Company owns 26% of UDT, the remaining 74% of the gain recorded is eliminated through minority interest. Interest expense for the three-month period ended September 30, 2006 decreased to approximately $219,000 from approximately $261,000 in the same period last year. Interest expense for the nine-month period ended September 30, 2006 increased to approximately $759,000 from approximately $727,000 in the same period last year. The decline in interest expense for the three-month period ended September 30, 2006 is primarily due to lower average debt. The increase in interest expense for the nine-month period ended September 30, 2006 is primarily due to rising interest rates, partially offset by lower average debt. The Company recorded a tax expense of approximately 38% of pre-tax income for the three- and nine-month periods ended September 30, 2006 and 2005. This excerpt taken from the UFPT 10-Q filed Aug 10, 2006. Other Expenses:Minority interest earnings were approximately $28,000 and $60,000 for the three- and six-month periods ended June 30, 2006, compared to approximately $15,000 and $234,000 in the same respective periods last year. The decrease in minority interest earnings for the six-month period ended June 30, 2006 is primarily due to a gain recorded on the books of United Development Company Limited (“UDT”) during the first quarter of 2005 for the settlement of an insurance claim associated with property damage sustained in the Company’s Kissimmee, Florida manufacturing plant from Hurricane Charley in August, 2004. Because the Company owns 26% of UDT, the remaining 74% of the gain recorded is eliminated through minority interest. Interest expense for the three-month period ended June 30, 2006 increased to approximately $276,000 from $250,000 in the same period last year. Interest expense for the six-month period ended June 30, 2006 increased to approximately $539,000 from $466,000 in the same period last year. The increase in interest expense for both periods is primarily due to rising interest rates, partially offset by declining debt. The Company recorded a tax expense of approximately 38% of pre-tax income for the three- and six-month periods ended June 30, 2006 and 2005. This excerpt taken from the UFPT 10-Q filed May 12, 2006. Minority interest earnings were approximately $32,000 for the three-month period ended March 31, 2006, compared to approximately $219,000 in the same period last year. The decrease in minority interest earnings for the three-month period ended March 31, 2006 is primarily due to a gain recorded on the books of United Development Company Limited (“UDT”) during the first quarter of 2005 for the settlement of an insurance claim associated with property damage sustained in the Company’s Kissimmee, Florida manufacturing plant from Hurricane Charley in August, 2004. Because the Company owns 26% of UDT, the remaining 74% of the gain recorded is eliminated through minority interest. Interest expense for the three-month period ended March 31, 2006 increased to approximately $263,000 from $216,000 in the same period last year. The increase in interest expense is primarily due to rising interest rates. 15 The Company recorded a tax expense of approximately 38% of pre-tax income for the three-month periods ended March 31, 2006 and 2005. This excerpt taken from the UFPT 10-Q filed Nov 14, 2005. Other Expenses:
Minority interest earnings were approximately $22,000 for the three-month period ended September 30, 2005, compared to approximately $28,000 in the same period last year. Minority interest earnings for the nine-month periods ended September 30, 2005 and 2004 were approximately $256,000 and $65,000, respectively. The increase in minority interest earnings for the nine-month period ended September 30, 2005 is primarily due to a gain recorded on the books of United Development Company Limited (“UDT”) during the first quarter of 2005 for the settlement of an insurance claim associated with property damage sustained in the Company’s Kissimmee, Florida manufacturing plant from Hurricane Charley in August, 2004. Because the Company owns 26% of UDT, the remaining 74% of the gain recorded is eliminated through minority interest.
During the three-month period ended September 30, 2004, the Company executed a termination agreement for the lease for its Visalia, California property for a lump-sum payment of approximately $100,000. As a result, the Company reversed $280,000 of previously recorded restructuring reserve.
Interest expense for the three-month period ended September 30, 2005 increased to approximately $261,000 from $172,000 in the same period last year. Interest expense for the nine-month period ended September 30, 2005 increased to approximately $727,000 from $519,000 in the same period last year. Both increases are primarily due to rising interest rates.
The Company recorded a tax expense of approximately 38% of pre-tax income for the three and nine-month periods ended September 30, 2004, and the nine-month period ended September 30, 2005. The Company recorded an income tax benefit of 38% of its pre-tax loss for the three-month period ended September 30, 2005.
This excerpt taken from the UFPT 10-Q filed Aug 12, 2005. Other Expenses:
Minority interest earnings were approximately $15,000 for the three-month period ended June 30, 2005, compared to approximately $22,000 in the same period last year. Minority interest earnings for the six-month periods ended June 30, 2005 and 2004 were approximately $234,000 and $37,000, respectively. The increase in minority interest earnings for the six-month period ended June 30, 2005 is primarily due to a gain recorded on the books of United Development Company Limited (“UDT”) during the first quarter of 2005 for the settlement of an insurance claim associated with property damage sustained in the Company’s Kissimmee, Florida manufacturing plant from Hurricane Charley
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in August, 2004. Because the Company owns 26% of UDT, the remaining 74% of the gain recorded is eliminated through minority interest.
Interest expense for the three-month period ended June 30, 2005 increased to approximately $250,000 from $175,000 in the same period last year. Interest expense for the six-month period ended June 30, 2005 increased to approximately $466,000 from $346,000 in the same period last year. Both increases are primarily due to rising interest rates.
The Company recorded a tax expense of approximately 38% of pre-tax income for the three and six-month periods ended June 30, 2005. This rate is slightly higher than the 37.5% effective tax rate recorded in the equivalent periods last year.
This excerpt taken from the UFPT 10-Q filed May 12, 2005. Other Expenses:Minority interest earnings were $219,000 for the three month period ended March 31, 2005 compared to only $15,000 in the same period last year due primarily to a gain recorded on the books of United Development Limited (“UDT”) during the first quarter of 2005 for the settlement of an insurance claim associated with property damage sustained in the Company’s Kissimmee, Florida manufacturing plant from Hurricane Charley in August, 2004. Because the Company owns 26% of UDT, the remaining 74% of the gain recorded is eliminated through minority interest.
Interest expense for the three-month period ended March 31, 2005, increased to approximately $216,000 from $171,000 in the same period last year, primarily due to rising interest rates.
The Company recorded a tax expense of approximately 38% of pre-tax income for the three month periods ended March 31, 2005 and 2004.
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