|
Income Taxes (Tables)
|
12 Months Ended |
|
Jun. 30, 2013
|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income before Income Tax, Domestic and Foreign |
The domestic and foreign components of our (loss) income before income taxes are as follows for the fiscal years ended:
|
|
|
|
|
|
|
|
|
|
June 30, |
|
2013 |
|
2012 |
|
(In thousands) |
United States |
$ |
(9,449 |
) |
|
$ |
(6,646 |
) |
Australia |
(7,537 |
) |
|
30,876 |
|
United Kingdom |
(4,047 |
) |
|
(3,698 |
) |
(LOSS) INCOME BEFORE INCOME TAX |
$ |
(21,033 |
) |
|
$ |
20,532 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
The following reconciles the Company's effective tax rate to the federal statutory tax rate for the fiscal years ended:
|
|
|
|
|
|
|
|
|
|
June 30, |
|
2013 |
|
2012 |
|
(In thousands) |
Tax provision computed per federal statutory rate |
$ |
(6,310 |
) |
|
$ |
6,160 |
|
State taxes, net of federal benefit |
(40 |
) |
|
190 |
|
Foreign rate differential |
(60 |
) |
|
76 |
|
Non taxable Australian revenue |
288 |
|
|
(8 |
) |
Goodwill write off |
— |
|
|
756 |
|
Decreases related to lapse of applicable statute of limitations |
685 |
|
|
1,571 |
|
Change in valuation allowance |
7,897 |
|
|
9,352 |
|
Australian petroleum resource rent tax |
(10,354 |
) |
|
(5,951 |
) |
Australian petroleum resource rent tax - income tax effect |
3,106 |
|
|
1,785 |
|
Taxable dividends from subsidiaries, net of foreign tax credits |
(709 |
) |
|
(1,152 |
) |
Foreign tax credit adjustment |
787 |
|
|
649 |
|
Capital loss adjustment |
309 |
|
|
(3,006 |
) |
Additional basis related to the Santos SA |
— |
|
|
(18,118 |
) |
Impact of rate change |
140 |
|
|
457 |
|
Foreign currency translation differential |
2,912 |
|
|
1,375 |
|
Other items |
83 |
|
|
(87 |
) |
Consolidated income tax benefit |
$ |
(1,266 |
) |
|
$ |
(5,951 |
) |
|
| Schedule of Components of Income Tax Provision |
The following summarizes components of our income tax provision for the fiscal years ended:
|
|
|
|
|
|
|
|
|
|
June 30, |
|
2013 |
|
2012 |
|
(In thousands) |
Current income tax: |
|
|
|
United States |
$ |
— |
|
|
$ |
— |
|
Australia |
— |
|
|
— |
|
United Kingdom |
— |
|
|
— |
|
Total current income tax provision |
— |
|
|
— |
|
|
|
|
|
Deferred income tax: |
|
|
|
United States |
— |
|
|
— |
|
Australia |
(1,266 |
) |
|
(5,951 |
) |
United Kingdom |
— |
|
|
— |
|
Total deferred income benefit provision |
(1,266 |
) |
|
(5,951 |
) |
Consolidated income benefit provision |
$ |
(1,266 |
) |
|
$ |
(5,951 |
) |
|
|
|
|
Effective tax rate |
6 |
% |
|
(29 |
)% |
|
| Schedule of Deferred Tax Assets and Liabilities |
Significant components of the Company's deferred tax assets and liabilities can be summarized as follows for the fiscal years ended:
|
|
|
|
|
|
|
|
|
|
June 30, |
|
2013 |
|
2012 |
|
(In thousands) |
Deferred tax liabilities: |
|
|
|
Land, buildings and equipment |
$ |
(4,132 |
) |
|
$ |
(2,767 |
) |
Stepped up basis of oil and gas properties |
— |
|
|
(550 |
) |
Australian petroleum resource rent tax - income tax effect |
(2,165 |
) |
|
(1,785 |
) |
Other items |
(237 |
) |
|
(261 |
) |
Total deferred tax liabilities |
(6,534 |
) |
|
(5,363 |
) |
|
|
|
|
Deferred tax assets: |
|
|
|
Asset retirement obligations |
2,194 |
|
|
2,210 |
|
Net operating losses, capital losses, and foreign tax credit carry forwards |
31,354 |
|
|
28,139 |
|
Australian petroleum resource rent tax |
13,145 |
|
|
5,951 |
|
United Kingdom exploration costs and net operating losses |
3,777 |
|
|
3,224 |
|
Stock option compensation |
1,971 |
|
|
1,851 |
|
Interest |
— |
|
|
539 |
|
Australian capitalized legal costs |
343 |
|
|
514 |
|
Other items |
557 |
|
|
579 |
|
Total deferred tax asset |
53,341 |
|
|
43,007 |
|
Valuation allowance |
(39,590 |
) |
|
(31,693 |
) |
Net long term deferred tax asset |
$ |
7,217 |
|
|
$ |
5,951 |
|
|
| Summary of Jurisdictions Subject to Income Tax Examination |
As of June 30, 2013, the Company remains subject to examination in the following major tax jurisdictions for the tax years indicated below:
|
|
|
|
Jurisdiction |
|
Tax Years Subject
to Examination:
|
US Federal |
|
2011 - 2012 |
Colorado |
|
2010 - 2012 |
Connecticut |
|
2010 |
Maine |
|
2010 - 2012 |
Montana |
|
2011 - 2012 |
Australia |
|
2009 - 2012 |
United Kingdom |
|
2009 - 2012 |
|
| Summary of Operating Loss and Tax Credit Carryforwards |
At June 30, 2013, the Company had net operating loss and foreign tax credit carry forwards for US Federal and State Income Tax purposes, respectively, which are scheduled to expire periodically as follows:
|
|
|
|
|
|
|
|
|
|
State Net Operating Losses |
|
Federal Foreign Tax Credit |
|
(In thousands) |
Expires: |
|
|
|
2017 |
$ |
301 |
|
|
$ |
310 |
|
2018 |
3,219 |
|
|
— |
|
2019 |
1,432 |
|
|
1,411 |
|
2020 |
1,191 |
|
|
144 |
|
2021 |
— |
|
|
1,006 |
|
2022 |
— |
|
|
3,030 |
|
2023 and thereafter |
— |
|
|
4,050 |
|
Total |
$ |
6,143 |
|
|
$ |
9,951 |
|
|