Steel Connect Reports Third Quarter Fiscal 2024 Financial Results [Yahoo! Finance]
Steel Connect, Inc. (STCN)
Company Research
Source: Yahoo! Finance
Results of Operations During the current quarter, the Company booked a $71.5 million non-cash accounting adjustment to net income as a result of a release of a portion of its valuation allowance for certain pre-existing Company deferred tax assets. The release resulted in a one-time non-cash adjustment to income tax benefit of $71.5 million for the quarter ended April 30, 2024. This adjustment to net income has no cash impact and is not expected to reoccur. Due to the previously disclosed application of pushdown accounting, the Company's consolidated financial statements include a black line division between the two distinct periods to indicate the application of two different bases of accounting, which may not be comparable, between the periods presented. The pre-exchange period through April 30, 2023, is referred to as the "Predecessor" period. The post-exchange period, May 1, 2023, and onward, includes the impact of pushdown accounting and is referred to as the "Successor" per
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STCN
News
- DMC Global gains as Steel Connect offers $16.50/share buyout [Seeking Alpha]Seeking Alpha
- Steel Connect Reports Third Quarter Fiscal 2024 Financial ResultsBusiness Wire
- Steel Connect, Inc.'s (NASDAQ:STCN) Stock On An Uptrend: Could Fundamentals Be Driving The Momentum? [Yahoo! Finance]Yahoo! Finance
STCN
Sec Filings
- 6/25/24 - Form 4
- 6/20/24 - Form 4
- 6/20/24 - Form 4/A
- STCN's page on the SEC website