GenCorp Inc. (GY, Financial) filed Quarterly Report for the period ended 2010-08-31.
Gencorp Inc. has a market cap of $316.44 million; its shares were traded at around $5.4 with a P/E ratio of 16.36 and P/S ratio of 0.4. GY is in the portfolios of Michael Price of MFP Investors LLC, Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors.
The income tax benefit of $5.2 million in the first nine months of fiscal 2010 was primarily related to us receiving approval on our Private Letter Ruling (PLR) with the Internal Revenue Service (IRS) for the revocation of the Internal Revenue Code (IRC) Section 59(e) election made on our fiscal 2003 income tax return. As a result of the PLR approval, we recorded an income tax benefit of $6.3 million during the first nine months of fiscal 2010. The income tax benefit also includes current state tax expense of $2.0 million, deferred federal tax expense of $0.8 million, and a deferred tax benefit of $1.9 million, which relates to prior years (see Note 1 of the Unaudited Condensed Consolidated Financial Statements).
The income tax benefit of $19.7 million in the first nine months of fiscal 2009 was primarily related to new guidance that was published by the Chief Counsels Office of the IRS in December 2008 clarifying which costs qualify for ten-year carryback of tax net operating losses for refund of prior years taxes. As a result of the clarifying language, we recorded during the first quarter of fiscal 2009 an income tax benefit of $19.7 million, of which $14.5 million is for the release of the valuation allowance associated with the utilization of the qualifying tax net operating losses and $5.2 million is for the recognition of affirmative claims related to previous uncertain tax positions associated with prior years refund claims related to the qualifying costs.
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Gencorp Inc. has a market cap of $316.44 million; its shares were traded at around $5.4 with a P/E ratio of 16.36 and P/S ratio of 0.4. GY is in the portfolios of Michael Price of MFP Investors LLC, Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
In the third quarter of fiscal 2010, we recorded a charge of $2.0 million related to the estimated unrecoverable costs of legal matters. During the first nine months of fiscal 2010 and 2009, we recorded $0.5 million and $1.1 million, respectively, for realized losses and interest associated with the failure to register with the SEC the issuance of certain of our common shares under the defined contribution 401(k) employee benefit plan.The income tax benefit of $5.2 million in the first nine months of fiscal 2010 was primarily related to us receiving approval on our Private Letter Ruling (PLR) with the Internal Revenue Service (IRS) for the revocation of the Internal Revenue Code (IRC) Section 59(e) election made on our fiscal 2003 income tax return. As a result of the PLR approval, we recorded an income tax benefit of $6.3 million during the first nine months of fiscal 2010. The income tax benefit also includes current state tax expense of $2.0 million, deferred federal tax expense of $0.8 million, and a deferred tax benefit of $1.9 million, which relates to prior years (see Note 1 of the Unaudited Condensed Consolidated Financial Statements).
The income tax benefit of $19.7 million in the first nine months of fiscal 2009 was primarily related to new guidance that was published by the Chief Counsels Office of the IRS in December 2008 clarifying which costs qualify for ten-year carryback of tax net operating losses for refund of prior years taxes. As a result of the clarifying language, we recorded during the first quarter of fiscal 2009 an income tax benefit of $19.7 million, of which $14.5 million is for the release of the valuation allowance associated with the utilization of the qualifying tax net operating losses and $5.2 million is for the recognition of affirmative claims related to previous uncertain tax positions associated with prior years refund claims related to the qualifying costs.
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