Stamps.com 2007 Annual Report Download - page 53

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Current:
Federal $
286
$
123
$
185
State
101
41
61
387
164
246
Deferred
—
— —
Provision for income taxes $
387
$
164
$
246
F-51
TABLE OF CONTENTS
STAMPS.COM INC.
NOTES TO FINANCIAL STATEMENTS
8. Income Taxes – (continued)
Differences between the provision for income taxes and income taxes at the statutory federal income tax rate are as follows
(in thousands):
9. Commitments and Contingencies
Operating Leases
The following is a schedule of significant future minimum lease payments under operating leases at December 31, 2007 (in
thousands):
2007
2006
2005
Income tax at statutory federal rate
$
3,757
$
5,653
$
3,630
State income taxes, net of federal benefit
730
1,095
645
Effect of permanent differences
36
1
1
Other
3,000
(4,336
)
(1,165
)
Change in valuation allowance
(7,136
)
(2,249
)
(2,865
)
$
387
$
164
$
246
Total rent expense for 2007, 2006 and 2005 was approximately $657,000, $657,000, and $646,000, respectively.
In November 2003, we entered into a facility lease agreement commencing on March 2004 for our corporate headquarters
with aggregate lease payments of approximately $4.0 million through February 2010. As of December 31, 2007, we maintained
a letter of credit for the facility lease in the amount of $554,000.
Operating
Years ended:
2008
751
2009
787
2010
134
2011
—
2012
—
Thereafter
—
$
1,672