Annual report pursuant to Section 13 and 15(d)

Note 8 - Income Taxes (Tables)

v3.4.0.3
Note 8 - Income Taxes (Tables)
12 Months Ended
Apr. 03, 2016
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
 
 
Fiscal year ended April 3, 2016
 
 
 
Current
 
 
Deferred
 
 
Total
 
Federal
  $ 3,540     $ 133     $ 3,673  
State
    271       32       303  
Other - net, including foreign
    (61 )     -       (61 )
Income tax expense
    3,750       165       3,915  
                         
Income tax reported in stockholders' equity related to stock-based compensation
    (273 )     -       (273 )
Total
  $ 3,477     $ 165     $ 3,642  
 
 
Fiscal year ended March 29, 2015
 
 
 
Current
 
 
Deferred
 
 
Total
 
Federal
  $ 3,255     $ (280 )   $ 2,975  
State
    574       (48 )     526  
Other - net, including foreign
    (194 )     135       (59 )
Income tax expense (benefit)
    3,635       (193 )     3,442  
                         
Income tax reported in stockholders' equity related to stock-based compensation
    (69 )     -       (69 )
Total
  $ 3,566     $ (193 )   $ 3,373  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
 
 
April 3, 2016
 
 
March 29, 2015
 
Deferred tax assets:
               
Employee wage and benefit accruals
  $ 740     $ 787  
Accounts receivable and inventory reserves
    319       485  
Deferred rent
    67       48  
Intangible assets
    647       704  
State net operating loss carryforwards
    775       824  
Stock-based compensation
    478       556  
Total gross deferred tax assets
    3,026       3,404  
Less valuation allowance
    (775 )     (824 )
Deferred tax assets after valuation allowance
    2,251       2,580  
                 
Deferred tax liabilities:
               
Prepaid expenses
    (234 )     (352 )
Property, plant and equipment
    (80 )     (127 )
Total deferred tax liabilities
    (314 )     (479 )
Net deferred income tax assets
  $ 1,937     $ 2,101  
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
 
 
2016
 
 
2015
 
Balance at beginning of period
  $ -     $ -  
Additions related to current year positions
    195       -  
Additions related to prior year positions
    16       -  
Reductions for tax positions of prior years
    -       -  
Reductions due to the lapse of the statute of limitations
    -       -  
Payments pursuant to judgements and settlements
    -       -  
Balance at end of period
  $ 211     $ -  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
 
 
2016
 
 
2015
 
Tax expense at statutory rate (34%)
  $ 3,653     $ 3,114  
State income taxes, net of Federal income tax benefit
    200       347  
Tax credits
    (13 )     (24 )
Net tax effect of expenses deductible only for tax purposes
    132       (6 )
Other - net, including foreign
    (57 )     11  
Income tax expense
  $ 3,915     $ 3,442