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Zix Corporation Message Board

  • retentionmakesit retentionmakesit Mar 13, 2013 4:25 PM Flag

    Earnings revisted at 3:38pm 10-K Shows tax defferral in Net?

    For 2012, we reported record revenue driven by continued growth in our Email Encryption business. The Company's operating income for 2012 was $8.9 million, a decrease of $1.6 million over prior year.
    Our net income in 2012 included a tax benefit of $2.3 million resulting from a decrease in the our deferred tax valuation allowance. The overall decrease to our valuation allowance was $5.2 million, of which $2.9 million was due to operations and offset current tax expense. The remaining $2.3 million was due to a partial reversal of the remaining valuation allowance and recorded as tax benefit. This compares to a decrease in our deferred tax asset valuation and resulting tax benefit of $11.8 million in 2011. Net income for 2012 and 2011 excluding the impact of this tax benefit was $8.7 million and $10.8 million, respectively.

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