Annual report pursuant to Section 13 and 15(d)

Note 8 - Income Taxes (Tables)

v2.4.0.6
Note 8 - Income Taxes (Tables)
12 Months Ended
Mar. 31, 2013
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
 

Fiscal year ended March 31, 2013

 

Current

Deferred

Total

Federal

  $ 1,993   $ 482   $ 2,475

State

    327     90     417

Other, including foreign

    15     -     15

Income tax expense

    2,335     572     2,907
                         

Income tax reported in stockholders' equity related to stock-based compensation

    (102 )     -     (102 )

Total income tax provision

  $ 2,233   $ 572   $ 2,805
 

Fiscal year ended April 1, 2012

 

Current

Deferred

Total

Federal

  $ 2,212   $ 319   $ 2,531

State

    317     18     335

Other, including foreign

    14     -     14

Income tax expense

    2,543     337     2,880
                         

Adjustment to prior year provision

    -     60     60

Income tax reported in stockholders' equity related to stock-based compensation

    9     -     9

Total income tax provision

  $ 2,552   $ 397   $ 2,949
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
 

2013

2012

Deferred tax assets:

               

Employee benefit accruals

  $ 450   $ 240

Accounts receivable and inventory reserves

    178     287

Deferred rent

    41     69

Intangible assets

    823     1,250

State net operating loss carryforwards

    1,036     971

Stock-based compensation

    318     621

Total gross deferred tax assets

    2,846     3,438

Less valuation allowance

    (1,036 )     (971 )

Deferred tax assets after valuation allowance

    1,810     2,467
                 

Deferred tax liabilities:

               

Prepaid expenses

    (540 )     (723 )

Property, plant and equipment

    (105 )     (7 )

Total deferred tax liabilities

    (645 )     (730 )

Net deferred income tax assets

  $ 1,165   $ 1,737
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
 

2013

2012

Tax expense at statutory rate (34%)

  $ 2,726   $ 2,693

State income taxes, net of Federal income tax benefit

    216     210

Tax credits

    (13 )     (13 )

Expenses (deductible) nondeductible for tax purposes

    (90 )     11

Other

    68     (21 )

Income tax expense

  $ 2,907   $ 2,880