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Video: BOMB-A-WHO?

April 29th, 2008 by mopns · No Comments

Why does this foreign company need tax credits!


4/3/08

Bombardier is soaring to record heights, thanks to strong sales, cost-effective planning and increasing demand for the aircraft and train maker’s forward-looking product line.[The] Montreal-based Bombardier reported robust results in its fourth quarter and fiscal 2007 financial statements. Double-digit increases in sales and net income for the quarter and the fiscal year signal sturdy underlying fundamentals and high demand.

The company reported revenue of $5.3 billion for its fiscal fourth quarter ended Jan. 31, up 20.5% from the year-earlier period. Revenue for the year reached $17.5 billion, up 14.9% from the previous year.

Net income for the quarter was $218 million, or 12 cents per diluted share, up 94.6% from the year-earlier period. Income for the year rose 18.3%, to $317 million, or 16 cents per diluted share, from the previous year. Read more…

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Tags: Kansas City · MO Legislature · Videos

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  • 1 calle // Apr 29, 2008 at 9:42 am

    Aha, that’s funny. But such a good point. They have plenty of money, and isn’t one of the big draws to opening a branch in the US the devaluation of the dollar? It’s already an appealing move. I am just really wary that a few years from now we’re going to get bombarded (no pun intended) with requests for a tax increase, and it will be over issues everyone cares about–veteran services, health care, education–but really it will be because of risky deals like this one. Risky because of Canadian labor issues, and the fact that if Missouri commits this much to one company, and it doesn’t pan out, we’re going to be tempted again to keep supporting them with more and more tax credits so we can see a return. I don’t want to do that; it’s a money pit.

  • 2 Mysti // Apr 29, 2008 at 12:21 pm

    It’s great to hear that there are some people who acknowledge this is a bad deal. Calle brought about some interesting concerns “we’re going to be tempted again to keep supporting them with more and more tax credits so we can see a return. I don’t want to do that; it’s a money pit.” That is a scary thought! There is simply no way to predict how this thing will go down. Missouri could see some serious losses over this deal and what would happen then? Let’s hope the legislators will look at every angle and realize this deal is not for Missouri!

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