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Income Taxes
9 Months Ended
Dec. 31, 2012
Income Taxes  
Income Taxes

 

 

Note 12. Income Taxes

 

During the third quarter of fiscal year 2013, the Company incurred $0.4 million of income tax expense which is comprised of $0.9 million expense related to foreign operations, $0.1 million state income tax expense and $0.6 million tax benefit resulting from the release of an uncertain tax position in a foreign jurisdiction. There is no U.S. federal income tax benefit from the third quarter fiscal year 2013 loss due to a valuation allowance on net deferred tax assets.

 

During the third quarter of fiscal year 2012, the Company incurred $2.1 million of income tax expense which is comprised of $1.4 million related to two foreign tax jurisdictions that imposed new tax laws which limited the utilization of net operating losses and $0.7 million primarily related to income taxes for foreign operations.  There was no U.S. federal income tax expense related to the third 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 nine months ended December 31, 2012 was $4.0 million, comprised of a $4.4 million expense related to foreign operations, a $0.2 million of state income tax expense and a $0.6 million benefit related to a release of an uncertain tax position in a foreign jurisdiction.

 

Income tax expense for the nine month period ended December 31, 2011 was $5.9 million, comprised of a $6.9 million income tax expense related to foreign operations, a $0.9 million U.S. federal income tax benefit related to a prior year settlement, and a $0.1 million of state income tax benefit.