Vistaprint 2007 Annual Report Download - page 91
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VISTAPRINT LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Years Ended June 30, 2007, 2006 and 2005
(in thousands, except share and per share data)
The following is a summary of the Company’s income before taxes by geography:
Year Ended June 30,
2007 2006 2005
U.S. ............................................................. $ 4,107 $ 2,249 $ 1,698
Non-U.S. ........................................................ 25,916 17,769 (17,833)
Total ............................................................ $30,023 $20,018 $(16,135)
Significant components of the Company’s deferred tax assets and liabilities, which are primarily
related to its United States subsidiary, for income taxes consist of the following at June 30, 2007 and 2006:
Year Ended
June 30,
2007 2006
Deferred tax assets:
Net operating loss carryforwards .................................................... $ 1,452 $ 677
Accrued expenses................................................................. 528 179
R&D credit carryforwards........................................................... — 6
Total deferred tax assets....................................................... 1,980 862
Deferred tax liabilities:
Depreciation ...................................................................... (2,544) (133)
Total deferred tax liabilities ..................................................... (2,544) (133)
Net deferred taxes ..................................................................... $ (564) $ 729
The current portion of the net deferred taxes at June 30, 2007 and 2006 was an asset of $661
and $294, respectively.
In assessing the realizability of deferred tax assets in accordance with SFAS No. 109, the
Company considers whether it is more likely than not that some portion or all of the deferred tax assets
will not be realized. Based on the weight of available evidence at June 30, 2007, management believes
that it is more likely than not that all of its net deferred tax assets will be realized. The Company will
continue to assess the realization of the deferred tax assets based on operating results.
At June 30, 2007, the Company had U.S. federal net operating loss carryforwards of
approximately $1,600 that expire on dates up to and through the year 2021. The utilization of these net
operating losses is subject to annual limitation under the change in share ownership rules of the
Internal Revenue Code. The Company had foreign net operating losses carryforwards of approximately
$2,500 that expire on dates up to and through 2027.
The Company has corporate minimum tax credit carryforwards in Canada of approximately $135
that expire on dates up to 2018.
87
Form 10-K