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Net operating-loss carrybacks.
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That is becausewhen AT&T acquired Tele-Communications, the cable operator that owned part of Liberty, TCI had $2 billion of net operating losses that Liberty could have used.
The company had a net operating loss of $63.7 million but it said its net income from continuing operations was $49.2 million.] Through a string of acquisitions, Conseco has become one of the country's largest life and health insurance companies.
Net income increases retained earnings; net operating loss or the distribution of cash dividends reduces them.
"Ordinarily when a business suffers a net operating loss, it can carry back the loss two years," Ms. Weltman explained.
Except for 2002, Delphi has reported a net operating loss every year since it was spun off.
The expansion of the so-called net operating loss carry-back provision were just one of the many changes to the measure that became clear on Thursday.
For example, he said, most co-ops have substantial "net operating loss carry-forwards" that can be used to offset gains.
A net operating loss for 2008 would be the first since the company was founded in 1937 as a unit of the Toyoda family's automated loom company.
He has held on to M&F, despite its own lagging stock price of just over $4 a share, because it has a large net operating loss that can be used to shelter the losses of future acquisitions.
The company's chief financial officer, Jake Brace, said in court on Monday that United expected to have a net operating loss of $3.2 billion in 2002, compared with a loss of $2.97 billion in 2001.
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