Tuesday, June 06, 2006

HP Settles with IRS: $443 Million Profit booster

Bloomberg.com: U.S.: "June 6 (Bloomberg) -- Hewlett-Packard Co., the world's biggest printer maker and No. 2 personal-computer seller, revised its second-quarter profit to reflect the benefit of a $443 million tax settlement.
Net income was increased to $1.9 billion, or 66 cents a share, up from the $1.46 billion, or 51 cents, reported on May 16, Palo Alto, California-based Hewlett-Packard said today in a statement. The company also increased its forecast for annual net income to $2.02 to $2.06 a share.
The settlement with the Internal Revenue Service relates to an audit of Hewlett-Packard's federal tax returns for 1996 through 1998. Because the agreement was signed before the company filed its financial statements with the Securities and Exchange Commission, Hewlett-Packard was required to include the settlement in the second quarter, which ended April 30.
Profit excluding one-time items "

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