This excerpt taken from the GBE 10-K filed Aug 30, 2007.
The Company incurred a tax provision of approximately $4.2 million in fiscal year 2006, which was partially offset by a tax benefit of approximately $1.7 million related to a reduction in the valuation allowance against the Companys deferred tax assets. This resulted in a net tax provision of approximately $2.5 million for the 2006 fiscal year. Similarly, tax benefits recognized from reductions in the valuation allowance in fiscal year 2005 fully offset the tax provision incurred. See Note 12 of Notes to Consolidated Financial Statements in Item 8 of this Report for additional information.
This excerpt taken from the GBE 10-K filed Sep 28, 2006.
As of June 30, 2005, the Company had gross deferred tax assets of $11.5 million, with $6.2 million of the deferred tax assets relating to net operating loss carryforwards. The Company recorded a valuation allowance for $4.4 million against the deferred tax assets as of June 30, 2005. The net income tax provision recorded in 2005 and 2004 reflects a benefit for the decrease in the valuation allowance of $5.2 million and $7.9 million, respectively. See Note 11 of Notes to Consolidated Financial Statements in Item 8 of this Report for additional information.