| On November 6, 2009, H.R.3548 - Worker, Homeownership, and Business Assistance Act of 2009 became law. Included in this new law was a provision that allows businesses to carry back net operating losses in 2008 or 2009 up to five years. As a result of this law, Media General expects to carry its 2009 net operating loss back; the company currently estimates it will recognize an income tax benefit in the fourth quarter of 2009 and receive a cash refund in 2010 in the range of $25M to $30M. The company expects to use the cash refund for debt repayment. The passage of this tax law change will not alter the substance of the additional income tax expense the company expects to record in the coming years as described in its most recent Form 10-Q. :theflyonthewall.com |
Subscribe for More Information