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[RNsidersbuying]

HAYN $35 - filed an 8k afterclose referring to tax implications. Anyone with an opinion if this is negative, positive, or indifferent?

Item 8.01 Other Events

Impact of the Tax Cuts and Jobs Act

On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act reduces the federal corporate income tax rate from 35% to 21% effective January 1, 2018, which Haynes International, Inc. (the “Company”) expects will positively impact the Company’s future effective tax rate and after-tax earnings in the United States. The Company may also be affected by certain other aspects of the Act, including, without limitation, provisions regarding repatriation of accumulated foreign earnings and deductibility of capital expenditures. The Company is in the process of determining what, if any, effect those provisions will have on the Company’s financial results, and there can be no assurance of whether such additional effects will be positive or negative.

As a result of the reduction in the corporate income tax rate, the Company is required to revalue its net deferred tax asset to account for the future impact of lower corporate tax rates on this deferred amount and record any change in the value of such asset as a one-time non-cash charge on its income statement. The Company has performed a preliminary analysis of its first quarter of fiscal 2018 tax provision based on the new tax rate as compared to the previous effective tax rate of 40% (which includes state and foreign taxes), and preliminarily determined the amount of such expense to be approximately $19.0 to $20.0 million, which will reduce the Company’s first quarter fiscal 2018 results.

http://secfilings.nasdaq.com/filingFrameset.asp?FilingID=12485649&RcvdDate=1/19/2018&CoName=HAYNES%20INTERNATIONAL%20INC&FormType=8-K&View=html