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Danier Leather year-to-date sales up in Q2
23 Jan '08
3 min read
Excluding the reversal of the litigation provision of $18.0 million, initial recovery of legal fees of $0.1 million and income taxes of $4.7 million, year-to-date adjusted net earnings(2) were $2.3 million ($0.37 per diluted share) compared with $3.8 million ($0.58 per diluted share) last year.
On October 12, 2007, the Supreme Court of Canada unanimously decided to uphold the unanimous Ontario Court of Appeal ruling that dismissed the class action against the Company and two of its Senior Officers. As a result of the ruling, the litigation provision of $18 million less future income taxes of $4.6 million was reversed in the first quarter of 2008.
During the second quarter of 2008, $0.1 million of legal fees related to the Ontario Court of Appeal award were received and recorded. The costs awarded by the Ontario Court of Appeal for the trial and cost awarded by the Supreme Court of Canada will be recorded when the amounts are received.
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On October 12, 2007, the Supreme Court of Canada unanimously decided to uphold the unanimous Ontario Court of Appeal ruling that dismissed the class action against the Company and two of its Senior Officers. As a result of the ruling, the litigation provision of $18 million less future income taxes of $4.6 million was reversed in the first quarter of 2008.
During the second quarter of 2008, $0.1 million of legal fees related to the Ontario Court of Appeal award were received and recorded. The costs awarded by the Ontario Court of Appeal for the trial and cost awarded by the Supreme Court of Canada will be recorded when the amounts are received.
Click here to view more:
Danier Leather Inc
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