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News Breaks | | | | March 13, 2013 | | 18:34 EDT |  | DRL | Doral Financial shares gain 9c, or 13.85%, after Q4 results
Doral Financial shares gained 9c, or 13.85%, to 74c during today's session after the company reported Q4 earnings this morning before the market open. Doral reported net income of $28.3M vs. a net loss of ($32.5M) in Q3, and net income of $11.7M in the same quarter a year ago. The company said it recognized an income tax benefit of $50.2M in Q4, which compared to a tax expense of $550,000 in Q3. The company said the $50.8M improvement was due mainly the conversion of Doral Insurance Agency to a limited liability company and the related release of a portion of Doral Financial's valuation allowance. Doral is holding a conference call to discuss its financial results at 10:00 am ET on March 14. | |
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