Fusion Systems Corp. said yesterday it reached a settlement in its case against the Internal Revenue Service, resulting in a $7.2 million benefit.
The settlement provides for the allowance of a significant portion of tax benefits claimed by the Rockville-based company that had been previously disallowed by the IRS.
As a result, the company will recognize a gain for financial reporting purposes of about $7.2 million in the third quarter, which ended Friday. It will be reported as an offset to the income tax provision.
The company has taken deductions previously claimed for federal income tax purposes of about $16.5 million. Fusion Systems supplies ultraviolet curing systems, which are used in manufacturing, printing and coating applications, plus devices used to ensure the integrity of semiconductor chips during manufacture.
The company's stock closed yesterday at $33.125, up 68.75 cents.