Consolidated net income for the fiscal 2011 third quarter was $31.2 million, or $0.38 per diluted share, compared to net income for the fiscal 2010 third quarter of $9.8 million, or $0.12 per diluted share. Results for the fiscal 2011 third quarter were primarily impacted by the following items:
- Restructuring and related asset impairment charges of $2.5 million or ($0.03) per share ($4.1 million pre-tax) compared to $10.7 million or ($0.13) per share ($11.6 million pre-tax) in the third quarter of the prior fiscal year.
- Currency remeasurement gain in the amount of $3.1 million or $0.04 per share ($4.3 million pre-tax), compared to a gain of $0.9 million or $0.01 per share ($0.3 million pre-tax) in the fiscal 2010 third quarter.
- The tax provision was positively impacted by $3.7 million or $0.05 per share due to valuation allowance decreases compared to the positive impact of valuation allowance decreases of $1.0 million or $0.01 per share in the fiscal 2010 third quarter.