The $1,932,000 decrease in other income for fiscal 2010 in comparison to fiscal 2009 was primarily due to net realized gains in fiscal 2009 of $2,028,000 from cash flow hedges of forecasted inter-company sales and purchases that became ineffective as we reduced production levels during that period.The effective tax rate for the fourth quarter of fiscal 2010 was a provision of 18%, compared to a benefit of 44% for the same period in the prior year primarily due to the establishment of valuation allowances on certain deferred tax assets in the fourth quarter of fiscal 2010. The effective tax rate for fiscal 2010 was a benefit of 35%, compared to a benefit of 39% for the same period in the prior year. The reduction in the effective tax rate for the year was primarily due to the net impact of recording a valuation allowance on our state net operating loss carryforwards and the reversal of tax reserves for uncertain tax positions taken in previous years now expiring due to statutes of limitations.
Hurco Reports Fourth Quarter And Full-Year Results
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