Stamps.com 2002 Annual Report Download - page 58

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Table of Contents
STAMPS.COM INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
7.Accrued Expenses
The following table summarizes the Company’ s accrued expenses as of December 31, 2002 and 2001 (in thousands):
2002 2001
Accrued expenses:
Payroll and related accrual $ 806 $ 494
Restructuring accrual 288 2,617
Legal and related accrual 399 400
Deferred rent accrual 152 316
Marketing and related accrual 408 661
Other accrual 562 741
Accrued expenses $ 2,615 $ 5,229
8.Allowance for Doubtful Accounts
Increases to the allowance for doubtful accounts totaled $0, $0 and $619,000 for the years ended December31, 2002, 2001 and 2000,
respectively. Write-offs against the allowance for doubtful accounts totaled $0, $1.2 million and $0 for the years ended December 31, 2002,
2001 and 2000, respectively.
9.Property and Equipment
Property and equipment is summarized as follows (in thousands):
2002 2001
Furniture and equipment $ 1,697 $ 1,697
Computers and software 19,890 19,702
Leasehold improvements 1,826 1,732
23,413 23,131
Less accumulated depreciation and amortization (17,327 ) (12,055 )
Property and equipment, net $ 6,086 $ 11,076
During 2002, 2001 and 2000, depreciation expense including the amortization on equipment under capital leases, was approximately $5.3
million, $8.1 million and $10.7 million respectively.
10.Income Taxes
The provision for income taxes consists solely of minimum state taxes. The Company’ s effective tax rate differs from the statutory federal
income tax rate primarily as a result of the establishment of a valuation allowance for the future benefits to be received from the net operating
loss carryforwards and research tax credit
F-15
2003. EDGAR Online, Inc.