extraordinary loss

Extraordinary Loss

A loss that occurs because of an unforeseen and generally unforeseeable event that affects the company. For example, a company may suffer a loss if it sells one of its factories for less than its market value. Extraordinary losses are generally not repeatable. Balance sheets usually record extraordinary losses separately from other losses to account for this. See also: Extraordinary Gain.

extraordinary loss

A loss caused by an unusual, infrequently occurring event or transaction. For example, a firm might sell a money-losing business at a price lower than the value at which the business is carried on its balance sheet.
Case Study Sometimes the ordinary is extraordinary and the extraordinary becomes ordinary. A task force of the Financial Accounting Standards Board (FASB) announced on October 1, 2001, that the September 11, 2001, terrorist attacks on the World Trade Center and Pentagon were not considered "extraordinary" events for accounting purposes. The FASB decision meant companies affected by the airplane hijackings could not treat disaster-related expenses as extraordinary, but rather would have to record costs as part of normal business operations in reporting income according to generally accepted accounting principles. Choosing to view the costs as ordinary rather than extraordinary was an important and controversial decision because investors tend to view extraordinary expenses as one-time events that are less relevant to a company's ongoing financial health. If income from continuing operations and pretax income are substantially different in a reporting period, analysts and investors generally view the former, rather than the latter, as the most important information. In part, the task force made its decision on the basis that the disaster affected nearly all businesses during what had become a poor business environment, so it was difficult to determine whether expenses were directly related to the disaster or to the deteriorating economy. The accounting group was concerned that many companies would attempt to take advantage of the disaster and classify all sorts of charges as extraordinary even though the firms had been planning to take many of these same charges prior to the disaster. The FASB decision prevented firms from doing this.
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26 /PRNewswire/ -- Quest Diagnostics Incorporated (NYSE: DGX) announced today that for the third quarter ended September 30, 1999, net income before an extraordinary loss and special charges incurred in connection with the acquisition of SmithKline Beecham Clinical Laboratories (SBCL) increased to $10.
Income before extraordinary loss for the six months ended August 31, 2001 was $724,000 or $0.
Japan's biggest brokerage house, will likely post an extraordinary loss of about 545 billion yen for the year ending March 31.
For example, property damage losses and other asset impairments directly resulting from the incident would be reported as an extraordinary loss.
Extraordinary Loss -- The Company reported an extraordinary loss of $68,000 in the 1998 second quarter and $375,000 for the 1998 six-month period.
Consolidated income before extraordinary loss for the nine months ended June 30, 2001 was $6,865,000, or $1.
1999 1998 Net income before extraordinary loss $38,208 $32,542 Extraordinary loss * (1,763) Net income $36,445 $32,542 Average shares outstanding -- basic 65,519,483 62,704,433 Per share -- basic Net income before extraordinary loss $0.
Three Months Ended (in thousands, except per share data) March 31, March 31, 2001 2000 Revenues $ 13,048 $ 17,398 Loss from continuing operations (481) (4,581) Capital gain (loss) 29,987 (108) Extraordinary loss from early extinguishment of debt (889) (3,092) Net income (loss) before preferred dividend $ 28,617 $ (7,781) Net income (loss) attributable to shares of beneficial interest $ 28,100 $ (8,489) Funds from (used in) operations before preferred dividend $ 1,659 $ (1,654) Funds from (used in) operations after preferred dividend $ 1,142 $ (2,362) Funds from (used in) operations per share after preferred dividend $ .
33 per diluted share, as compared to net income from continuing operations before extraordinary loss of $5.
Consolidated income before extraordinary loss for the six months ended March 31, 2001 was $6,377,000, or $1.
On an as-reported basis, the Company reported a net loss before extraordinary loss of $129.
Consolidated income before extraordinary loss related to debt extinguishment for EnergySouth, Inc.

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