47 indicates that a misstatement affecting recurring earnings may be more relevant than one involving a nonrecurring charge
. However, the nonrecurring charge
is not the item that was waived.
Hanna will incur a fourth quarter, nonrecurring charge
of approximately $30 million, or $1.45 per share, fully diluted, of which $28 million will be the write-off of remaining goodwill and excess purchase price associated with the business.
President and CEO of Citizens Business Bank Chris Myers commented, "Excluding the nonrecurring charge
to tax expense, fourth quarter net income was $31.1 million and year-end earnings were $117.6 million, both all-time highs for the Bank.
A major cost reduction programme was implemented in the period resulting in a nonrecurring charge
for redundancy and reorganisation costs of pounds 452,000.
Adjusted earnings exclude a nonrecurring charge
of $3.2 million booked in the first quarter connected with litigation concerning an accident in a store several years ago.
During the third quarter, Shaw recorded a nonrecurring charge
of $35.45 million ($21.31 million net of tax benefit) to reflect its estimated liability for guarantees it had made of certain retail store lease obligations no longer being satisfied by Flooring America Inc.
In the quarter, Shaw recorded a nonrecurring charge
of $6.6 million for severance and other employee termination benefits, related to a residential sales force restructuring from the integration of Shaw's and Queen's products.
As previously announced, Albertson's recorded a $454 million nonrecurring charge
($303 million, after-tax) during the quarter to cover the cost of its Phase Two restructuring.
Earnings in the 2010 quarter included a $26.3 million (pretax) nonrecurring charge
related to a retail inventory accounting change.
Also included in the fourth-quarter results was a $4.6 million after-tax reduction to the nonrecurring charge
recorded in the second quarter ended July 31, 1998.
The red ink reflected a $352.5 million ($230.5 million after taxes) nonrecurring charge
for restructuring and asset-impairment costs related to CVS' previously announced plan to shutter 229 underperforming stores and take other steps to streamline operations and enhance operating efficiencies.
The store closing and layoffs will result in a nonrecurring charge
of about $585 million to cover the costs of its restructuring plan.