Fourth quarter US GAAP net income increased to $13.8 million, or $0.34 per diluted share, versus net income of $3.9 million, or $0.09 per diluted share, in the prior year period. Net income in the 2012 fourth quarter includes a non-cash net tax benefit of $10.9 million or $0.27 per diluted share primarily related to the release of valuation allowance against U.S. net deferred tax assets as well as $1.3 million from the unanticipated sale of ZEV Credits,which were partially offset by approximately $1.0 million in previously anticipated costs associated with Hurricane Sandy, including vehicle damages and increased operating costs, and $0.8 million in costs associated with the Merger Agreement. The release of the valuation allowance is based on the projected ability of Zipcar to utilize the deferred tax assets to offset future taxable income in the U.S. Net income in the fourth quarter of 2011 included a gain on the sale of ZEV Credits of $2.5 million. US GAAP net income for the full year 2012 was $14.7 million, or $0.35 per diluted share, compared to a loss of $7.2 million, or ($0.24) per share, in 2011.Non-GAAP Results
Zipcar Reports Fourth Quarter And Full Year 2012 Results
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