|
NOTE 16 – OTHER COMPREHENSIVE INCOME (LOSS)
Comprehensive income (loss) consists of reported net income (loss) and other comprehensive income (loss), which reflects gains and losses that U.S. GAAP excludes from net income (loss). For the Company, the items excluded from reported net income (loss) were fair value adjustments on interest rate swaps of $243,844 (net of tax $164,400) and foreign currency translations adjustments of $13,109. There were no amounts reclassified into earnings during the periods presented. Comprehensive income (loss) for the three and nine months ended December 31, 2011 and 2010 includes the following components:
|
|
|
Three months ended
December 31, |
|
Nine months ended
December 31, |
|
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
Net (loss) income |
|
$ |
(1,148,341 |
) |
$ |
829,126 |
|
$ |
(854,978 |
) |
$ |
2,504,076 |
|
|
Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
Currency translation adjustment |
|
(5,586 |
) |
— |
|
12,597 |
|
— |
|
|
Interest rate swaps |
|
2,692 |
|
— |
|
(249,327 |
) |
— |
|
|
Total other comprehensive (loss) income |
|
$ |
(2,894 |
) |
$ |
— |
|
$ |
(236,730 |
) |
$ |
— |
|
|
Consolidated comprehensive (loss) income, net of tax |
|
$ |
(1,151,235 |
) |
$ |
829,126 |
|
$ |
(1,091,708 |
) |
$ |
2,504,076 |
|
Accumulated other comprehensive (loss) income, net of tax of $164,400 and $3,696 as of December 31, 2011 and March 31, 2011 is as follows:
|
|
|
|
|
Translation |
|
Interest Rate |
|
|
|
|
Totals |
|
Adjustments |
|
Swaps |
|
|
Balance at March 31, 2011 |
|
$ |
5,905 |
|
$ |
422 |
|
$ |
5,483 |
|
|
Change during the period |
|
(236,730 |
) |
12,597 |
|
(249,327 |
) |
|
Outstanding at December 31, 2011 |
|
$ |
(230,825 |
) |
$ |
13,019 |
|
$ |
(243,844 |
) |
|