diff -r 15b977ffc25d -r 28ac37064cd4 libpurple/protocols/irc/parse.c
--- a/libpurple/protocols/irc/parse.c	Sun Jul 17 20:38:09 2011 +0000
+++ b/libpurple/protocols/irc/parse.c	Tue Jul 19 16:56:23 2011 +0000
@@ -459,6 +459,7 @@
 				decoded = g_string_append(decoded, "</U>");
 			if (font)
 				decoded = g_string_append(decoded, "</FONT>");
+			bold = italic = underline = font = FALSE;
 			break;
 		default:
 			purple_debug(PURPLE_DEBUG_ERROR, "irc", "Unexpected mIRC formatting character %d\n", *cur);