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GAAP EPS of $1.56 was down 4 percent versus the prior year and included 25 cents of nonrecurring charges and 10 cents of restructuring.
Net income, which includes nonrecurring charges, foreign exchange and mark-to-market charges, amounted to P15.2 billion against P13 billion last year.
But the same number fell 1.1 percent compared to the year's first quarter, when net income was $453.7 million.<br />The assets grew 1.1 percent from last quarter, but are well up from the end of 2017's second quarter when the firm reported $885.9 billion assets under management.<br />The firm recognized nonrecurring charges of $20.8 million and $7.9 million to the federal and state governments, respectively, for the re-measurement of the firm's deferred assets and liabilities to reflect new tax legislation.<br />This year, Maryland tax legislation was enacted adopting the single sales factor method of calculating income tax for multi-state companies doing business in Maryland.
Other quarterly charges included $11.3 million (30 cents per share) after tax for a valuation allowance against its deferred tax asset, resulting from a pretax loss; $2.8 million (5 cents per share) after tax for asset impairments and other expenses from the planned closing of 13 stores and certain pharmacy departments; and $800,000 (2 cents per share) after tax for other nonrecurring charges.
The company earned USD 324,000, or USD 0.04 per diluted share for the three months ended June 30, 2016 after nonrecurring charges of USD 940,000 related to the ProAmerica Bank acquisition.
* A non-GAAP financial measure that is adjusting only for nonrecurring charges when there were also nonrecurring gains in the same period could violate Regulation G.
Results for the prior-year quarter were shaped by provisions for closed-store inventory, additional markdowns on un productive inventory and other nonrecurring charges totaling $6.8 million pretax, or 12 cents per share after tax.
There were no nonrecurring charges in the prior-year quarter.
The SEC charged that the defendants violated Regulation G by reporting non-GAAP earnings that improperly excluded cer-tain ordinary expenses as nonrecurring charges. Additionally, the company's chief executive officer and chief finan-cial officer allegedly mischaracterized these items in earnings calls.
The decrease in the operating loss resulted from a similar reduction in costs to the decline in sales, combined with lower noncash nonrecurring charges. The company's net loss narrowed to $118.9mn from $271.9mn in 2008.
Oneida reported a second-quarter net loss of $48.3 million which included nonrecurring charges of approximately $45.5 million, of which an approximately $ 34-million charge was attributable to the factory closing.