Classmates.com 2005 Annual Report Download - page 46
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For the year ended December 31, 2004, we recorded a tax benefit of $34.1 million on pre-tax income of $83.4 million, resulting in an
effective tax rate benefit of 40.8%. The effective tax rate differs from the statutory rate primarily due to the release of substantially all of the
balance of the valuation allowance attributable to the expected utilization of net deferred tax assets in the future.
At December 31, 2005, the Company had net operating loss and tax credit carryforwards for federal and state income tax purposes of
approximately $192 million and $249 million, respectively, which begin to expire in 2018 and 2007, respectively. With respect to the state net
operating losses, certain amounts will be further reduced pursuant to the state allocation and apportionment laws. These carryforwards have been
adjusted to reflect limitations under Section 382 of the Code.
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