1998
Financial Statements
| The following information is excerpted from Noven's 1998 Annual Report to Shareholders. |
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Notes
to Financial Statements
Years
Ended December 31, 1998, 1997 and 1996
Income Taxes
As there is no assurance that Noven will generate sufficient earnings to utilize its available deferred tax assets, which consist primarily of a net operating loss carryforward, a valuation allowance has been established to offset the existing net deferred tax asset. At December 31, 1998 and 1997, Noven had net operating loss carryforwards of approximately $38 million and $35 million, respectively. Additionally, at December 31, 1998 and 1997, Noven had research and development credit carryforwards of $4.3 million and $3.6 million, respectively. The net operating loss carryforwards and research and development credit carryforwards will begin to expire in 2002 through 2018.
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