Because there are many unique factors that can impact an individual company when estimating the amount of future income taxes
to be paid, we believe the use of a pre-tax measure is valuable for evaluating our Company.
As of December 31, 2011, our discounted future income taxes
In Robinson, 69 TC 222 (1977), the Tax Court examined whether to discount the value of installment notes in an estate for future income taxes
that the beneficiaries of those notes would pay on the income in respect of a decedent (IRD) included in future installments.
Step 1--Determine the individual's cashflow needs by projecting current and future income taxes
, as well as AMT exposure.
Because many factors that are unique to each individual company impact the amount of future income taxes
to be paid, the use of a pre-tax measure provides greater comparability of assets when evaluating companies.
Securities and Exchange Commission and, with the exception of exclusion of future income taxes
, conform to the Statement of Financial Accounting Standard No.
Now that AERT has been profitable from operations for the past two years and expects to be profitable in the future, GAAP requires that the Company reverse its valuation allowance and recognize a deferred tax asset for future income taxes
that it will not have to pay because of net operating losses (NOLs) accumulated in the Company's developmental years.
Interest, amortization and provision for future income taxes
amounted to $130,879, $263,054 and $52,500 respectively resulting in net earnings for the period of $128,349.
45 Weighted average Class A and Class B shares outstanding (000's) 10,840 10,847 10,845 10,847 Selected Financial Information (Thousands of dollars) (Unaudited) Three months ended Year ended December 31 December 31 CONSOLIDATED STATEMENTS OF CASH FLOWS 2005 2004 2005 2004 Cash provided by (used for) Operating activities Net income (loss) for the period $(5,152) $1,260 $5,734 $15,707 Items not affecting cash Amortization and accretion 2,460 2,670 10,441 10,736 Future income taxes
(1,808) (693) (2,412) (630) Non-controlling interests (3,193) (272) (3,352) (330) Equity income (loss) from Richvale York Block Inc.
Recovery of future income taxes
decreased from $2,729,422 for the three-month period ended September 30, 2006 to Nil for the three-month period ended September 30, 2007.
After taking into account current and future income taxes
, the net income was $171,138 ($0.
6 million on future income taxes
payable, as discussed under "Consolidated Income Taxes" on page 7, as compared to a foreign exchange gain of $2.