Crown Crafts, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Note 12 - Income Taxes (Tables)

Note 12 - Income Taxes (Tables)

12 Months Ended

Mar. 29, 2026

Notes Tables

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Fiscal year ended March 29, 2026
		Amount				Tax Rate
U.S. statutory rate applied to income before income taxes		$	554				21.0	%
Differences arising from:
State income taxes, net of federal income tax benefit ⁽¹⁾			161				6.1	%
Foreign tax effects - Peoples Republic of China			24				0.9	%
Tax credits - foreign tax credits			(24	)			(0.9%	)
Changes in unrecognized tax liabilities			(88	)			(3.4%	)
Nontaxable or nondeductible items ⁽²⁾			157				6.0	%
Other - net			11				0.4	%
Income tax expense / effective tax rate		$	795				30.1	%

		Amount				Tax Rate
U.S. statutory rate applied to loss before income taxes		$	(2,607	)			21.0	%
State income taxes, net of federal income tax			(527	)			4.2	%
Tax credits			(14	)			0.1	%
Discrete items			64				(0.5%	)
Other - net, including foreign			27				(0.2%	)
Income tax benefit / effective tax rate		$	(3,057	)			24.6	%

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		Fiscal year ended March 29, 2026
		Current				Deferred				Total
Income tax expense (benefit) on current year income:
Federal		$	(201	)		$	683			$	482
State			36								204
Foreign			24				-				24
Total income tax expense (benefit) on current year income			(141	)			851				710
Income tax expense (benefit) - discrete items:
Reserve for unrecognized tax benefits			(88	)			-				(88	)
Adjustment to prior year provision			13				-				13
Tax shortfall related to stock-based compensation			160				-				160
Income tax expense - discrete items			85				-				85
Total income tax expense (benefit)		$	(56	)		$	851			$	795

		Fiscal year ended March 30, 2025
		Current				Deferred				Total
Income tax expense (benefit) on current year loss:
Federal		$	950			$	(3,419	)		$	(2,469	)
State			145				(812	)			(667	)
Foreign			15				-				15
Total income tax expense (benefit) on current year loss			1,110				(4,231	)			(3,121	)
Income tax expense - discrete items:
Reserve for unrecognized tax benefits			6				-				6
Adjustment to prior year provision			24				-				24
Tax shortfall related to stock-based compensation			34				-				34
Income tax expense - discrete items			64				-				64
Total income tax expense (benefit)		$	1,174			$	(4,231	)		$	(3,057	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		March 29, 2026				March 30, 2025
Deferred income tax assets:
Employee wage and benefit accruals		$	293			$	260
Accounts receivable and inventory reserves			594				673
Operating lease liabilities			2,408				3,241
Intangible assets			2,487				3,490
Net operating loss carryforwards			728				704
Accrued interest and penalty on unrecognized tax liabilities			24				20
Stock-based compensation			442				517
Total gross deferred income tax assets			6,976				8,905
Less valuation allowance			(704	)			(704	)
Deferred income tax assets after valuation allowance			6,272				8,201

Deferred income tax liabilities:
Prepaid expenses			(317	)			(488	)
Operating lease right of use assets			(2,217	)			(3,033	)
Property, plant and equipment			(81	)			(172	)
Total deferred income tax liabilities			(2,615	)			(3,693	)
Net deferred income tax assets		$	3,657			$	4,508

Schedule of Income Taxes Paid [Table Text Block]

Federal - United States of America		$	500
State
California			100
Texas			12
Michigan			2
North Carolina			1
Total state income taxes paid			115
Foreign - Peoples Republic of China			20
Total income taxes paid		$	635

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

		2026				2025
Balance at beginning of period		$	411			$	394
Additions related to current year positions			-				22
Additions related to prior year positions			28				81
Reductions due to lapses of the statute of limitations			(129	)			(86	)
Balance at end of period		$	310			$	411