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MikeDDKing

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MikeDDKing

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Re: None

Tuesday, 03/18/2008 9:57:01 PM

Tuesday, March 18, 2008 9:57:01 PM

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The RBCL 10-K is out. One thing that I noticed was that in Q4 they had a one-time write off of $516K. They made $0.008/share in Q4 but would have made $0.023/share if they didn't have the write off. Thus the quarter was much better than what one would deduce by reading the PR.

Here is the text describing the write off: "In February 2006, we began distributing Nutritional Products through an Associate network in South Korea. Effective October 31, 2006, we restructured our South Korean operations through the sale of these operations and concurrent entry into an exclusive license agreement with the purchaser. However, we subsequently wrote off the $516,000 balance of the note receivable received in connection with the sale and terminated this license agreement because the licensee failed to fulfill its obligations under the agreement."

Mike


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