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Thursday, October 18, 2012 6:07:17 AM
We recognized a net $130,000 deferred income tax benefit in fiscal 2012 and a $128,000 deferred tax benefit Fiscal 2011. The deferred income tax benefits were recorded based on expectations of that we will utilize a portion of our existing net operating loss carryforwards with future operating earnings. The company and its subsidiaries have net operating loss carryforwards for federal income tax purposes of about $5.7 million expiring in 2023 – 2032 and about $4.3 million for state income tax purposes expiring in 2013 – 2032.
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