Jamba Juice 2008 Annual Report Download - page 82
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Table of Contents
The Company has subleases related to certain of its operating leases. During fiscal 2007 and 2006, the Company recognized sublease income of $0.2
million for each of the fiscal years. Future minimum lease payments under operating leases have not been reduced by future minimum sublease rental income
of approximately $0.7 million.
The components of the income tax provision are as follows (in thousands):
Current provision $ 88 $ 293 $ 5 $85
Deferred benefit (52,223) (2,837) (43) —
Income tax (benefit) expense—net $(52,135) $(2,544) $(38) $85
Included in the deferred benefit are tax benefits of $3.6 million and $1.3 million related to federal and state net operating losses, respectively.
The difference between the effective income tax rate and the United States federal income tax rate is summarized as follows:
Statutory federal rate (34.0)% (34.0)% 34.0% (34.0)%
State income taxes less federal benefit (5.8) (5.7) 3.6 (1.4)
Change in valuation allowance — — (15.0) 2.9
Tax exempt income—net — (2.0) (12.0) 14.7
Nontaxable (gain) loss on derivative liability (14.3) 37.1 (25.0) 21.2
Impairment of goodwill 22.0 — — —
Other 0.6 0.5 (0.2) (0.8)
(31.5)% (4.1)% (14.6)% 2.6%
Deferred income taxes are provided for the temporary differences between the carrying values of the Company’s assets and liabilities for financial
reporting purposes and their corresponding income tax bases. The temporary differences give rise to either a deferred tax asset or liability in the financial
statements that is computed by applying current statutory tax rates to taxable and deductible temporary differences based upon the classification (i.e., current
or noncurrent) of the asset or liability in the financial statements that relates to the particular temporary difference. Deferred taxes related to differences that are
not attributable to a specific asset or liability are classified in accordance with the future period in which they are expected to reverse and be recognized for
income tax purposes.
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