This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs