Pre-tax income for Q1 2012 rose to $0.8 million from $0.4 million in Q1 2011.Income tax expense was $0.2 million in Q1 2012 compared to an income tax benefit of $0.6 million in Q1 2011. In Q1 2011, GSE recorded deferred tax liabilities of $1.0 million in conjunction with the acquisition of EnVision Systems, which reduced the consolidated U.S. net deferred tax asset by $1.0 million. As GSE had a full valuation allowance on its U.S. net deferred tax assets prior to the acquisition, the Company reduced the valuation allowance by $1.0 million in Q1 2011.
GSE Systems Announces 2012 First Quarter Financial Results
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