IEC is accruing taxes on their income statement. That means that taxes are deducted from their income. However, their cashflow is even better than their earnings. This is in large part due to the fact that they only pay a tiny amount of taxes due to NOL's (see deferred tax expense on the cashflow statement).
My estimate of $0.80/share in EPS for fiscal 2011 is for earnings and not cashflow. Cashflow should be higher than earnings due to IEC's NOL's.
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