DPAC Technologies to Recognize $0.07 Per Share Tax Benefit for Fiscal Quarter Ending August 31, 2002.Business Editors/High-Tech Writers GARDEN GROVE Garden Grove, city (1990 pop. 143,050), Orange co., S Calif., a suburb of Long Beach and Los Angeles, on the Santa Ana River; founded 1877, inc. 1956. Many of its residents work in nearby aerospace and defense installations, and there is light manufacturing. , Calif.--(BUSINESS WIRE)--Aug. 8, 2002 Company Plans to Recognize a Tax Benefit of Approximately $1,400,000 for Second Quarter Ending August 31, 2002 DPAC DPAC Denver Performing Arts Complex (CO, USA aka: DCPA) DPAC Deferred Policy Acquisition Costs (insurance) DPAC District Parent Advisory Committee DPAC Dover Partnership Against Crime Technologies Corp. (Nasdaq:DPAC), a provider of patented stacking technology for high-density, space-saving electronic components, today announced that it will recognize an income tax benefit in its second fiscal quarter of 2002 of approximately $1.4 million, or $0.07 per share. This benefit results from the reversal of a previously established valuation allowance on the Company's net deferred tax assets net of an estimated income tax provision for the second fiscal quarter of 2002. During the current quarter, the Company concluded that realization of tax benefits from previously-established net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. and other net deferred tax assets was likely, which will result in the recognition of deferred tax benefits and an increase in deferred tax assets of approximately $4.6 million in the current quarter. The Company will continue to recognize income taxes based on its effective income tax rate beginning in the third quarter. "Based on our recent and forecasted operating results, we concluded that these deferred tax assets are likely to be recoverable. As a result, we will eliminate our valuation allowance in accordance with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting and begin recognizing net income tax provisions in our third fiscal quarter of 2002," stated William Stowell, DPAC's chief financial officer. About DPAC Technologies Based in Garden Grove, California Garden Grove is a city centrally located in northern Orange County, California, United States. As of 2004, the city population was 170,000 people. California State Route 22, also known as the Garden Grove Freeway, passes through the city from east to west. , DPAC Technologies provides patented component packaging technology to create high-density, space-saving surface mount electronic components. DPAC's products are used in electronic circuits found in network servers, computer storage devices, guidance systems, medical instrumentation, and communication devices. The Company provides outsourced engineering design services to aid customers in creating cost-saving circuit designs as well as contract manufacturing of prototype designs and medium volume production runs of assembled circuit boards. The Company's web site address is www.DPACTech.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. and Fair Disclosure Statement The statements contained in this release which are not historical facts (such as statements in the future tense future tense n. A verb tense expressing future time. Noun 1. future tense - a verb tense that expresses actions or states in the future future and statements including "believe," "expect," "intend," "anticipate," and similar concepts) are forward-looking statements that involve risks and uncertainties, including, but not limited to DPAC's ability to successfully design and utilize the licensed technology, the economic performance of the electronics and technology industries, the risk of customer delays, changes, or cancellations in both on-going and new programs, DPAC's ability to secure new customers and maintain its current customer base, the success of the repurchase plan, the manufacturability of stacked chip scale packaging (hardware) Chip Scale Packaging - (CSP) A type of surface mount integrated circuit packaging that provides pre-speed-sorted, pre-tested and pre-packaged die without requiring special testing. An example is Motorola's Micro SMT packaging. , material costs fluctuations, the market need of such technology, the effects of changes in average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. , the effect of start-up costs of new programs and facilities, the effect of general economic conditions and world events, the impact of increased competition and the risks of patent litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . More information about the risks and challenges faced by DPAC Technologies Corp. is contained in the Securities and Exchange Commission filings made by the Company. DPAC Technologies Corp. specifically disclaims any obligation to update or revise any forward-looking statements whether as a result of new information, future developments or otherwise. |
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