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Heska Announces Q4 and Annual 2008 Results
Date:3/16/2009

her Revenue

Research, development and other revenue was $307 thousand in the fourth quarter of 2008, a decrease of 6% compared to $325 thousand in the prior year period. For the year ended December 31, 2008, research, development and other revenue was $1.3 million, a 13% decline compared to $1.5 million in 2007.

Income Tax Benefit

The Company reported an income tax benefit for all periods presented which generally relate to an anticipated future tax benefit for financial results in the period presented. Prior to December 2007, the Company's domestic net operating loss carryforward ("NOL") had historically been reduced by an equal, offsetting valuation allowance. Based on the Company's profitable operating performance in the United States, in December 2007 the Company concluded that a portion of its domestic NOL was realizable on a more-likely-than-not basis and reduced the corresponding valuation allowance. This resulted in an income tax benefit of approximately $30 million and a corresponding $30 million net deferred tax asset - equal to the estimated amount of income taxes the Company will recognize in its future statement of operations as income tax expense that the Company will not have to pay in cash as the Company utilizes its domestic NOL, assuming the Company's estimate of the realizable portion of its domestic NOL is correct. This was a non-cash accounting entry. In addition, the Company's fourth quarter 2008 and 2008 income tax benefit was reduced by $10 thousand with a corresponding reduction of its net deferred tax asset related to its NOL in Switzerland as the Company did not generate sufficient taxable income in 2008 to fully utilize its Swiss net deferred tax asset, which expired at the end of 2008. The Company does not anticipate a valuation allowance adjustment related to its deferred tax assets in any period in the near future, although there can be no assurance a significant valuation a
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SOURCE Heska Corporation
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