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(dollars in thousands, except per share amounts.)
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Income tax expense (benefit) is comprised of the following components:
The reconciliation of the statutory tax rate to the effective tax rate is as follows:
Deferred tax assets and liabilities consist of the following:
For the years ended October 31, 2001 and 2000, the Company’s earnings before income taxes generated from properties in foreign jurisdictions were negative. For the year ended October 31, 1999, approximately 4 percent of the Company’s earnings before income taxes were generated from properties in foreign jurisdictions.
As of October 31, 2000, the Company did not recognize a deferred tax liability of approximately $10,000 for the undistributed earnings of non-U.S. subsidiaries because the Company considered those earnings to be reinvested indefinitely.
The Company has a loss carryover of $29,837 available until the end of fiscal year 2006.
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