TRC Companies Inc. (TRR) reported that its fourth-quarter net loss applicable to common shareholders was $5.3 million or $0.27 per common share, compared to a net loss of $16.1 million or $0.86 per common share, for the comparable period in fiscal 2008.
The fourth quarter net loss included a $4.5 million income tax expense item that was recorded pursuant to the applicable accounting rule - Financial Accounting Interpretation No. 48 "Accounting for Uncertainty in Income Taxes." The net loss in the period also reflects the impact of two other non-cash charges totaling $0.7 million related to preferred stock accretion and an asset impairment charge related to an unconsolidated affiliate.
Net service revenue for the fourth quarter decreased to $63.6 million from $65.2 million for the fourth quarter of fiscal 2008.
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