Camping World Holdings Inc. has updated its financial results for the fourth quarter and full year, ended Dec. 31.
The company initially reported earnings on Feb. 27. In early March, the company determined that a portion of the outside basis deferred tax asset related to its acquisition of the direct interests in CWGS Enterprises LLC through newly issued LLC units is not expected to be realized in the foreseeable future. As a result, Camping World should have established a valuation allowance on a portion of the outside basis deferred tax asset.
The result of the restatement improved fourth quarter net loss by $47 million through a corresponding $47 million reduction in income tax expense. Accordingly, the fourth quarter net loss of $52.5 million was reduced to $5.5 million.
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