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extraordinary item |
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Extraordinary Item Gains or losses included in a company's financial statements, which are infrequent and unusual in nature. These are usually explained further in the "notes to the financial statements." Notes: These are the result of unforeseen and atypical events. They are usually accounted for separately so they don't skew the company's regular earnings.An example would be a snowstorm in Hawaii creating extraordinary losses to banana crops. These losses might be written down as a one-time charge due to an extraordinary item. Extraordinary item An unusual and unexpected one-time event that must be explained to shareholders in an annual or quarterly report, e.g., write down for a discontinued operation, employee fraud, a lawsuit, or other one-time events. Results are often presented with and without these items. The logic of excluding these items is that investors have a better notion of future performance if one-time events are excluded. Differs from an unusual item in that extraordinary items are (1) material; (2) non-recurring; and (3) outside the ordinary nature of the business.
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Unitil Corporation (Amounts In Thousands, except Shares and Per Share Data) Three Months Ended September 30, 2002 2001 Operating Revenues $48,007 $49,484 Net Income before Extraordinary Item $1,378 $1,354 Extraordinary Item -- (3,937) Net Income Applicable to Common Stock $1,378 $(2,583) Net Income before Extraordinary Item: From Utility Operations $0. For the nine months ended September 30, 2002, net income before extraordinary item and gain on settlement of treasury lock (see Supplemental Information in the attached table) increased to $55. 0 million, compared to a net loss from continuing operations before income from an extraordinary item of ($839,000), or a loss of ($0. |
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