NEW YORK (GenomeWeb News) — Strategic Diagnostics said Wednesday that a $100,000 tax adjustment has erased its entire third-quarter profit.
The company’s original earnings report for the three months ended Sept. 30, disclosed Nov. 1, showed a $100,000 profit, which was a decline from the $332,000 it earned during the comparable period one year earlier.
The $100,000 profit included a tax expense of $175,000, which included an adjustment designed to reconcile a tax provision for the year ended Dec. 31, 2006, with the actual filing of the 2006 tax return. When Strategic Diagnostics issued its earnings report Nov. 1 it said that "a review of this additional tax expense was continuing."
On Wednesday, the company said it has completed the review and raised its tax expense for the period to $275,000, which in turn erased its profit for the third quarter.