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Income Taxes | 12 Months Ended
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Jun. 30, 2012
Income Taxes |
12. | Income Taxes
The components of income tax (benefit) expense are as follows:
|  | Year Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
U.S. operations: |  |  |  |  |  |  |  |  |  |  |  |
Current income tax provision |  | $ | — |  |  | $ | 96 |  |  | $ | 156 |
Deferred income tax benefit |  |  | (13 | ) |  |  | (209 | ) |  |  | — |
|  |  | (13 | ) |  |  | (113 | ) |  |  | 156 |
Non-U.S. operations: |  |  |  |  |  |  |  |  |  |  |  |
Current income tax benefit |  |  | (156 | ) |  |  | (105 | ) |  |  | (133 | )
Deferred income tax benefit |  |  | — |  |  |  | — |  |  |  | — |
|  |  | (156 | ) |  |  | (105 | ) |  |  | (133 | )
Income tax (benefit) provision |  | $ | (169 | ) |  | $ | (218 | ) |  | $ | 23 |
The components of (loss) income before income taxes are as follows:
|  | Year Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
U.S. operations |  | $ | (11,215 | ) |  | $ | (5,519 | ) |  | $ | 12,353 |
Non-U.S. operations |  |  | (13,789 | ) |  |  | (3,327 | ) |  |  | (3,577 | )
(Loss) income before income taxes |  | $ | (25,004 | ) |  | $ | (8,846 | ) |  | $ | 8,776 |
The difference between Company’s expected income tax (benefit) expense, as computed by applying the statutory U.S. federal tax rate of 34% to (loss) income before income taxes, and actual tax is reconciled in the following table:
|  | Year Ended June 30, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Income tax (benefit) provision at statutory rate |  | $ | (8,501 | ) |  | $ | (3,008 | ) |  | $ | 2,984 |
State income taxes, net of federal benefit |  |  | (599 | ) |  |  | (350 | ) |  |  | 953 |
Non-U.S. income tax rate differential |  |  | 1,163 |  |  |  | 228 |  |  |  | 180 |
Research and development tax credits |  |  | (156 | ) |  |  | (106 | ) |  |  | (132 | )
Changes in valuation allowance |  |  | 7,500 |  |  |  | 3,045 |  |  |  | (4,219 | )
Other, net |  |  | 424 |  |  |  | (27 | ) |  |  | 257 |
Income tax (benefit) provision |  | $ | (169 | ) |  | $ | (218 | ) |  | $ | 23 |
The components of deferred income taxes are as follows:
|  | June 30, |
|  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 24,021 |  |  | $ | 23,799 |
Deferred revenue |  |  | 2,341 |  |  |  | 555 |
Stock-based compensation |  |  | 2,119 |  |  |  | 1,608 |
Provision for losses on note receivable |  |  | 511 |  |  |  | 511 |
Other |  |  | 572 |  |  |  | 620 |
Total deferred tax assets |  |  | 29,564 |  |  |  | 27,093 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible assets |  |  | 1,472 |  |  |  | 6,516 |
Deferred tax assets, net |  |  | 28,092 |  |  |  | 20,577 |
Valuation allowance |  |  | 28,092 |  |  |  | 20,590 |
Net deferred tax liability |  | $ | — |  |  | $ | 13 |
The valuation allowances generally reflect limitations on the Company’s ability to use the tax attributes and reduce the value of such attributes to the more-likely-than-not realizable amount. The valuation allowance increased by $7.5 million during fiscal 2012 and $3.0 million during fiscal 2011. The Company has tax loss carry forwards in its individual tax jurisdictions. At June 30, 2012, the Company had U.S. federal net operating loss carry forwards of approximately $46.6 million which expire at various dates between calendar years 2023 and 2032. The utilization of certain of these loss carry forwards may be limited by Section 382 of the Internal Revenue Code as a result of historical or future changes in the Company’s ownership. At June 30, 2012, the Company had state net operating loss carry forwards of approximately $22.1 million, of which $13.4 million expires in 2012, $3.1 million expires in 2013 and $5.6 million expires in 2031 and 2032. Additionally, at June 30, 2012 the Company had loss carry forwards in the U.K. of £18.0 million (approximately $28.1 million). During fiscal 2012, the Company recognized a current income tax benefit of $156,000 related to foreign research and development tax credits earned by its U.K. subsidiary. The Company’s U.S. federal income tax returns for calendar years 2002 through 2011 remain subject to examination by the Internal Revenue Service. The Company’s U.K. tax returns for fiscal 2006 to 2011 remain subject to examination. The Australian tax returns for the former parent company for fiscal 2004 through 2008 remain subject to examination. Through June 30, 2012, the Company had no unrecognized tax benefits in its consolidated statements of operations and no unrecognized tax benefits in its consolidated balance sheets as of June 30, 2012 or 2011. As of June 30, 2012 and 2011, the Company had no accrued penalties or interest related to uncertain tax positions.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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