News
WASHINGTON – The U.S. Internal Revenue Service will credit corporate taxes paid to the Mexican government while the IRS undertakes a study of that nation’s new corporate tax law.
Mexico's flat tax, called the IETU tax, went into effect Jan. 1. According to the previously issued U.S. IRS Notice 2008-3, the agency has not determined whether the IETU is qualified as an income tax under Article 24(1) of the US-Mexico Tax Treaty and is thus creditable. The agency is studying the new tax to make a determination.
The U.S. is Mexico's largest trading partner, buying about 80% of all exports.
Agreements are in place with the U.K., Italy, India, South Africa and the Bahamas on the new tax law.
FREMONT, CA – Dage Precision Industries will showcase new x-ray inspection developments at Virtual PCB, sponsored by UP Media Group, on Feb. 12-13.
Information will be available on the XiDAT XD7600NT, XD7500VR and XD7500NT x-ray inspection systems, as well as computerized tomography for 3-D modeling and volumetric measurement of critical solder interconnections.
Attendees can interact with the Dage technical staff to interactively discuss inspection challenges and receive the latest information on products and inspection solutions.
The Virtual PCB trade show is a fully interactive, Web-based event that incorporates all the features of a live event, including customized exhibit booths, live chat groups, lounge areas, technical presentations and online learning.
To register, visit www.circuitsassembly.com or www.virtual-pcb.com.
RICHARDSON, TX – Titan Global Holdings announced record revenue of $122 million and a consolidated net operating loss of $24.4 million for the first quarter of 2008, up 75.4% and 75.8% year-over-year, respectively.
Titan’s net operating loss included $21.1 million in net writedowns for goodwill in its communications and global brands divisions, and an additional $4.4 million asset writedown in its communications division.
Titan’s electronics and homeland security division, which includes its PWB and EMS operations, recorded revenues of $6.8 million and net operating income of $574,000; revenue increased 20.6% compared to the first quarter of 2007, on the acquisition of Nexus Nano (now called Neo EMS).
Titan’s communications division recorded revenue of $22.3 million and a net operating loss of $18.7 million, a revenue decrease of nearly 9% and a loss increase of 99% year-over-year.
Titan says it has initiated a plan to revitalize its communications division during the second quarter.
Titan’s net operating loss included $21.1 million in net writedowns for goodwill in its communications and global brands divisions, and an additional $4.4 million asset writedown in its communications division.
Titan’s electronics and homeland security division, which includes its PWB and EMS operations, recorded revenues of $6.8 million and net operating income of $574,000; revenue increased 20.6% compared to the first quarter of 2007, on the acquisition of Nexus Nano (now called Neo EMS).
Titan’s communications division recorded revenue of $22.3 million and a net operating loss of $18.7 million, a revenue decrease of nearly 9% and a loss increase of 99% year-over-year.
Titan says it has initiated a plan to revitalize its communications division during the second quarter.
TOKYO – Omron Corp. reported net sales rose 9.2% year-over-year to $5.2 billion for the nine-month period ended Dec. 31, backed by strong sales of electronic components and car electronics.
Net income increased 6.7% year-over-year to $272.2 million.
Capital investment in the semiconductor and electronic components industries weakened in comparison with the same period the previous year, but sales of factory automation control systems – Omron Group’s core business – were generally firm, the company says. Sales of automotive electronic components expanded in line with car electronics demands.
For the current quarter, Omron said markets are expected to be weak as a result of restrained capital investment, primarily among semiconductor and LCD manufacturers. The market for consumer and commerce components for IT and digital related products in Japan is expected to remain difficult to predict in the March quarter. Sales of automotive electronic components are projected to continue expanding, reflecting increasing needs for car electronics.
Omron expects net sales below original projections for the full year as a result of lower-than-expected demand for domestic private-sector investment.
SAN JOSE – Flextronics’s third-quarter adjusted net income rose 84% over last year to $250 million on net sales of $9.07 billion. The company’s December quarter sales were boosted 67%, thanks to its acquisition of rival Solectron Corp.
MINNEAPOLIS – HEI Inc. announced first-quarter sales fell nearly 17% year-over-year to $10 million.
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