<<remove the tax inclusion of 7 cents>>

Remove nothing. This is part of earnings and they beat by .04 and also beat sharply on revenues. The market will also embrace the cost-cutting initiatives.

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"We continue to focus on cost-saving initiatives combined with our aggressive sales efforts. Selling, general and administrative expenses decreased $6,425,000 or 22.0% over the second quarter of fiscal 2009 and $12,879,000 or 22.4% from the six month period ended August 31, 2008. The decrease in selling, general and administrative expenses is primarily due to lower commission expenses as a result of lower sales, combined with cost-cutting initiatives instituted in the third and fourth quarter of fiscal 2009, including a reduction in workforce in both the third and fourth quarters of fiscal 2009, a salary reduction program implemented in the fourth quarter of fiscal 2009, a mandatory furlough program in both the first and second quarters of fiscal 2010, and a decrease in other operating expenses, including professional fees related to the ongoing SEC investigation of Vitesse."

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See the three month charts of paper/pulp stocks to see what tax credits have done. Tax credits are part of earnings.