Boots & Coots Income Tax on Fire

Boots & Coots (WEL) which specializes in putting out well fires called in it’s own fire alarm. Income tax flared out of control. Read this snip

“For the quarter ended September 30, 2009, the effective income tax rate was 65.6% of pre-tax income compared to 23.3% of pre-tax income in the quarter ended September 30, 2008. The effective tax rate for the 2009 nine month period was 44.1% of pre-tax income compared to 19.2% for the same period in 2008. The Company’s estimated annual effective tax rate reflects, among other items, our best estimates of operating results across various tax jurisdictions. A change in the mix of forecasted annual pretax income across these various jurisdictions had a significant negative impact on the Company’s effective tax rate.”

What do you mean 65.2%? Do you not have a tax accountant on staff? Where are your auditor’s? At least bonus the money to someone. Management needs some serious help right now.