FairPoint Communications 2003 Annual Report Download - page 47
Download and view the complete annual report
Please find page 47 of the 2003 FairPoint Communications annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37 -
38 -
39 -
40 -
41 -
42 -
43 -
44 -
45 -
46 -
47 -
48 -
49 -
50 -
51 -
52 -
53 -
54 -
55 -
56 -
57 -
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
 |
 |
respectively. At December 31, 2002 and 2003, the NQDC Plan assets were $0.5 million. The related deferred compensation obligation is
included in other liabilities in the accompanying consolidated balance sheets.
C&E, Taconic, and GT Com also sponsor defined contribution 401(k) retirement savings plans for union employees. C&E, Taconic, and
GT Com match contributions to these plans based upon a percentage of pay of all qualified personnel and make certain profit sharing
contributions. Contributions to the plans were $0.2 million, $0.3 million, and $0.2 million for the years ended December 31, 2001, 2002,
and 2003, respectively.
Income tax benefit (expense) from continuing operations for the years ended December 31, 2001, 2002, and 2003 consists of the
following components:
Current:
Federal $ — — —
State (569)(603)199
Total current income tax benefit (expense) from continuing
operations (569)(603)199
Investment tax credits 138 85 37
Deferred:
Federal — — —
State — — —
Total deferred income tax benefit (expense) from continuing
operations — — —
Total income tax benefit (expense) from continuing
operations $(431)(518)236
69
Total income tax benefit (expense) from continuing operations was different than that computed by applying U.S. Federal income tax
rates to losses from continuing operations before income taxes for the years ended December 31, 2001, 2002, and 2003. The reasons for the
differences are presented below:
Computed "expected" tax benefit from continuing
operations $7,791 1,952 2,880
State income tax benefit (expense), net of Federal
income tax expense (376)(398)131
Amortization of investment tax credits 138 85 37
Goodwill amortization (3,339)— —
Dividends on preferred stock — — (3,077)
Dividends received deduction — — 94
Stock-based compensation (749)(428)—
Valuation allowance (4,067)(1,851)—
Disallowed expenses and other 171 122 171
Total income tax benefit (expense) from continuing
operations $(431)(518)236
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of
December 31, 2002 and 2003 are presented below: