This excerpt taken from the XPRT 10-K filed Mar 11, 2005.
Income tax benefit
As a result of our conversion from an LLC to a Corporation on November 13, 2003, deferred tax assets of $10.1 million were recognized in the fourth quarter of 2003. We believed it was more likely than not that the results of future operations would generate sufficient taxable income to realize the net deferred assets. Accordingly, we recognized a tax benefit of $10.1 million, offset by $500,000 provision for foreign income taxes for the period beginning November 13, 2003 to December 31, 2003.