The Company recorded a foreign currency transaction loss of $194,286 in the second quarter of FY2009, versus a foreign currency transaction loss of $5,053 in the quarter ended March 31, 2008. For the six months ended March 31, 2009, the Company recorded a foreign currency transaction gain of $999,820, compared with a foreign currency transaction gain of $110,304 in the corresponding period of the previous fiscal year.
The Company evaluates its ability to realize deferred tax assets on a regular basis. The net income attributable to common stockholders for the three and six months ended March 31, 2008, included a benefit for income taxes of $377,000, related to such evaluation.
The Company has Federal and state net operating loss carryforwards of approximately $42 million and $22 million respectively, expiring in years 2009 to 2028. The Company's UK subsidiary, The Female Health Company-UK plc. has UK net operating losses of approximately $65 million. The UK tax loss carryforwards can be carried forward indefinitely to offset future U.K. taxable income.
"With the recent FDA approval of FC2, some of FHC's major customers that require such approval will transition to the second generation product, which should further improve the Company's financial results," added Parrish. "Growing global acceptance of the Female Condom, the only available barrier method initiated by women that allows them to protect themselves against HIV/AIDS and unintended pregnancy, is the basis for our growth. The Female Condom i
|SOURCE Female Health Company|
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