Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v2.4.0.6
Income Taxes
6 Months Ended
Sep. 30, 2012
Income Taxes  
Income Taxes

Note 12. Income Taxes

 

During the second quarter of fiscal year 2013, the Company incurred $1.8 million of income tax expense which is entirely related to income taxes for foreign operations.  There is no U.S. federal income tax benefit from the second quarter fiscal year 2013 loss due to a valuation allowance on deferred tax assets.

 

During the second quarter of fiscal year 2012, the Company incurred $2.0 million of income tax expense which was comprised of $2.2 million of income tax expense from foreign operations and $0.2 million of state income tax benefit related to a prior year refund. There was no U.S. federal income tax expense related to the second quarter fiscal year 2012 earnings due to the utilization of net operating loss carryforward deductions and a valuation allowance on net deferred tax assets.

 

Income tax expense for the six month period ended September 30, 2012 was $3.6 million, comprised of $3.5 million related to foreign operations and $0.1 million of state income tax expense.

 

Income tax expense for the six month period ended September 30, 2011 was $3.8 million, comprised of $4.8 million related to foreign operations, a $0.9 million U.S. federal income tax benefit related to a prior year settlement, and $0.1 million of state income tax benefit.