HGI’s Fiscal 2012 results include an income tax benefit of $85 million, reflecting the net release of $198 million of valuation allowance by FGL, which is based on FGL’s assessment of the amount of FGL’s deferred tax assets that are more-likely-than-not realizable, and a $41 million gain resulting from a reduction in the contingent purchase price of FGL. These favorable items were partially offset by the $157 million increase in the fair market value of the equity conversion feature of HGI’s preferred stock which results in a charge to earnings.HGI continued to have a strong financial position to support its business strategy. At September 30, 2012, HGI had corporate cash and short-term investments of approximately $433 million.
Harbinger Group Inc. Reports Fiscal 2012 Results
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