Favorable tax adjustments make for tough comparisons at Blue Chip
- For the last several quarters, BYD’s Midwest/South segment EBITDA was boosted by a property tax reversal stemming from a change in the assessed value of Blue Chip
- BYD included the tax benefit in its adjusted EBITDA but wasn’t explicit about its inclusion in the earnings release - of course until now when lapping it made for a tough comparison
- In their Q2 2011 release and conference call, they attributed the strong margins to good cost controls
