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              [html]<thead><tr><tdrowspan="3"></td><tdcolspan="4">December 31,</td></tr><tr><tdcolspan="2">2000</td><tdcolspan="2">1999</td></tr><tr><tdcolspan="3">( in thouseoreds )</td></tr></thead><tbody><tr><tdcolspan="5">Deferred tax assets :</td></tr><tr><td>Foreign tax loss carry forwards</td><td>$</td><td>1 +, 325</td><td>8</td><td>11.526</td></tr><tr><td>Stock compensation expense</td><td></td><td>1.130</td><td></td><td>1.130</td></tr><tr><td>Unrealized exchange rate differences</td><td></td><td>4.614</td><td></td><td>2.559</td></tr><tr><td>Interest expense</td><td></td><td>7.16 +</td><td></td><td>+, 327</td></tr><tr><td>Accrued expenses</td><td></td><td>1.548</td><td></td><td>2.936</td></tr><tr><td>Billings in excess of earnings</td><td></td><td>1.108</td><td></td><td>1.036</td></tr><tr><td>Other</td><td></td><td>2.1 + 5</td><td></td><td>16</td></tr><tr><td>Total deferred tax assets</td><td></td><td>32.034</td><td></td><td>23.530</td></tr><tr><td>Valuation allowance</td><td></td><td>( 30.689 )</td><td></td><td>( 19.741 )</td></tr><tr><td>Total deferred tax assets</td><td></td><td>1.345</td><td></td><td>3.789</td></tr><tr><tdcolspan="5">Deferred tax liabilities :</td></tr><tr><td>Property and equipment</td><td></td><td>26</td><td></td><td>660</td></tr><tr><td>Non - goodwill intangible assets</td><td></td><td>—</td><td></td><td>2.333</td></tr><tr><td>Capitalized research and development costs</td><td></td><td>515</td><td></td><td>109</td></tr><tr><td>Earnings in excess of billings</td><td></td><td>380</td><td></td><td>227</td></tr><tr><td>Total deferred tax liabilities</td><td></td><td>921</td><td></td><td>3.329</td></tr><tr><td>Net deferred tax assets</td><td>S</td><td>+ 2 +</td><td>S</td><td>+ 60</td></tr></tbody>
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