NET INCOME (LOSS). For the fiscal year ended December 31, 2000, the Company reported a net income of $73,435 available to common shareholders, compared to a net loss of $6,054,187 for the comparable period a year earlier. The increased profitability of $6,127,622 is attributable in significant part to the disposal of the Retail Division, an increase of approximately $1,400,000 from the prior year under the line item "Other income (expense) from litigation and settlements" attributable to a $613,000 reduction of liabilities in 2000 as a result of the negotiated settlement of the Kinnicutt lawsuit, recognition of $366,000 under the line item "Extraordinary item" in connection with reaching a settlement on payment of debt held by w3 Holdings, Inc., reduced selling, general and administrative costs, and reduced warranty costs.
That is a heck of a turn around in a year.
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