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Magma Design Automation CEO Discusses Q4 2010 Results - Earnings Call Transcript

Lastly, we have successfully completed the mission equipment trials on the G1200 and are prepared and mobilized to our first project on April 1, this year. Our first project is for Dubai Petroleum establishments and we will utilize both the pipelay capability and structural capability as the scope of work also includes the design, fabrication and installation of small fixed structure.

The G1201 remains on schedule and on budget and will be delivered in the third quarter of 2011. We continue to actively target and bid projects for both the G1200 and G1201 worldwide including now projects in Australia where we (inaudible) have been establishing our presence. Finally we are also looking towards West Africa to develop future opportunities for these vessels primarily in Engova, Ghana and Equatorial Guinea.

With that, I will turn it back over to Andy.

Andy Smith

Thanks John. Before I begin I want to direct anyone who has not seen the corrected press release which we issued late last night. Subsequent to the issuance of our earnings release an adjustment was proposed by our auditor’s national office which took a narrow view of the need for evaluation allowance to be recorded against the deferred tax assets arising out of our Mexican operation.

The company still believes the company will open that we realize the benefits of this deferred tax assets. However, the adjustment was proposed by our auditor, we felt obligated to make a change and re-issue the press release.

Note that this entry which effectively increased income tax expense in the period and reduced the carrying value of our deferred tax assets, is a non-cash item which should reverse of our Mexican operation return to profitability before the net operating loss carry forward period of 10 years expires. I apologize for any confusion this may have caused.

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