| |
| Provision for (benefit from) income taxes is comprised of the following for fiscal years ended: |
 |
| |
|
2002 |
|
2001 |
|
2000 |
|
|
|
|
|
|
|
| Current
expense (benefit): |
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
4,286 |
|
$ |
(2,151) |
|
$ |
4,144 |
|
State |
|
|
35 |
|
|
329 |
|
|
- |
|
|
|
|
|
|
|
| |
|
|
4,321 |
|
|
(1,822) |
|
|
4,144 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Deferred
expense (benefit): |
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
4,152 |
|
|
(46,238) |
|
|
(9,974) |
|
State |
|
|
1,973 |
|
|
(7,155) |
|
|
(808) |
|
|
|
|
|
|
|
| |
|
|
6,125 |
|
|
(53,393) |
|
|
(10,782) |
|
|
|
|
|
|
|
| Provision for (benefit from) income taxes |
|
$ |
10,446 |
|
$ |
(55,215) |
|
$ |
(6,638) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| A reconciliation of the federal statutory
tax rate to the effective tax rate applicable to
income (loss) before provision for (benefit from)
income taxes follows for the fiscal years ended: |
|
| |
|
2002 |
|
2001 |
|
2000 |
|
|
|
|
|
|
|
| Federal
statutory rate |
|
|
(35) |
% |
|
(35) |
% |
|
(35) |
% |
| State
taxes, net of federal tax effect |
|
|
7
|
|
|
(5) |
|
|
(3) |
|
| Goodwill
impairment charge |
|
|
80
|
|
|
- |
|
|
- |
|
| Amortization
of goodwill |
|
|
- |
|
|
1 |
|
|
2 |
|
| Other |
|
|
4 |
|
|
1 |
|
|
3 |
|
|
|
|
|
|
|
|
| |
|
|
56 |
% |
|
(38) |
% |
|
(33) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred tax assets (liabilities) are comprised
of the following as of the fiscal years ended: |
|
| |
|
2002 |
|
2001 |
|
|
|
|
|
|
|
|
|
| Deferred
tax assets: |
|
|
|
|
|
|
|
|
|
|
Accrued
liabilities |
|
$ |
33,448 |
|
$ |
15,745 |
|
|
|
|
State
incentive credits and operating loss
carryforwards |
|
|
7,382 |
|
|
8,546 |
|
|
|
|
Other
deferred tax assets |
|
|
4,462 |
|
|
2,388 |
|
|
|
|
|
|
|
|
|
|
| Total
deferred tax assets |
|
$ |
45,292 |
|
$ |
26,679 |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Deferred
tax liabilities: |
|
|
|
|
|
|
|
|
|
|
Depreciation
and amortization, net |
|
$ |
(78,842) |
|
$ |
(503) |
|
|
|
|
Unrealized
investment gain |
|
|
(12,455) |
|
|
(24,095) |
|
|
|
|
Prepaid
expenses |
|
|
(4,523) |
|
|
(5,990) |
|
|
|
|
|
|
|
|
|
|
| Total
deferred tax liabilities |
|
$ |
(95,820) |
|
$ |
(30,588) |
|
|
|
|
|
|
|
|
|
|
| Less:
Valuation allowance |
|
|
(5,266) |
|
|
(4,234) |
|
|
|
|
|
|
|
|
|
|
| Net
deferred tax liabilities |
|
|
(55,794) |
|
|
(8,143) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| A valuation allowance has been provided
against certain state incentive credit and state
net operating loss carryforwards because realization
of these amounts is dependent on generating sufficient
state taxable income in future periods. At the present
time, realization of these amounts is not considered
more likely than not. At September 27, 2002, state
incentive credit carryforwards totaled approximately
$10.1 million. Of this amount, approximately $6.0
million expire December 31, 2007 and $4.1 million
expire December 31, 2014. At September 27, 2002,
state net operating loss carryforwards totaled approximately
$10.9 million and expire beginning December 31,
2004. Additionally, the Company has approximately
$4.1 million of federal net operating loss carryforwards,
which expire beginning December 31, 2018 and are
subject to annual limitations on utilization in
future periods. |
|
|
