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Other income for the first quarter of 2012 was $2.2 million versus an expense of $7.3 million in the comparable quarter last year. The change of $9.5 million was primarily due to a gain on extinguishment of debt, offset by increased interest expense due to a higher balance of outstanding debt.
The first quarter of 2012 net loss included an income tax provision of $0.3 million versus $0.4 million in the first quarter of 2011. In accordance with U.S. GAAP, the company has discontinued recognizing potential tax benefits associated with current operating losses. As of March 31, 2012, the Company had available federal net operating loss carry forwards of approximately $75.7 million and unused Federal and State tax credits of $16.2 million.
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