Office Depot Forced to Restate 2010 Results After IRS Decisi
Shares of Office Depot (NYSE:ODP) are down big in pre-market trading, after the company announced late Thursday that it is restating its full year 2010 results to reflect an IRS decision on its tax credits.The revised 2010 results will take the company to a loss from a profit for the year.Office Depot reported that the Internal Revenue Service has, "denied its claim to carry back certain tax losses to prior tax years under economic stimulus-based tax legislation enacted in 2009, which claim was made after the company consulted with its tax advisors."The company said the decision, "reduces full-year tax benefits by about $80 million, changes net earnings for 2010 from $33 million to a net loss of $46 million and increases the net loss attributable to common shareholders from $2 million or $0.01 per share to $82 million or $0.30 per share. "The stock is trading down 13.39% to $4.01 per share in pre-market trading.
Credit: Financial News Network
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