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Income Taxes (Tables)
12 Months Ended
Sep. 30, 2015
Income Tax Disclosure [Abstract]  
Components of Income Taxes Benefit (Provision)

The components of our benefit (provision) from income taxes consisted of the following for the fiscal years ended September 30,

 

 

 

2013

 

 

2014

 

 

2015

 

 

 

(Amounts in thousands)

 

Current benefit (provision):

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(101

)

 

$

(46

)

 

$

(209

)

State

 

 

995

 

 

 

(45

)

 

 

(87

)

Total current benefit (provision)

 

$

894

 

 

$

(91

)

 

$

(296

)

Deferred benefit (provision):

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

 

 

 

 

 

 

22,056

 

State

 

 

 

 

 

 

 

 

5,654

 

Total deferred benefit (provision)

 

 

 

 

 

 

 

 

27,710

 

Total income tax benefit (provision)

 

$

894

 

 

$

(91

)

 

$

27,414

 

 

Summary of Tax Rates

Below is a reconciliation of the statutory federal income tax rate to our effective tax rate for the fiscal years ended September 30,

 

 

 

2013

 

 

2014

 

 

2015

 

Federal tax benefit (provision)

 

 

(35.0

)%

 

 

(35.0

)%

 

 

(35.0

)%

State taxes, net of federal effect

 

 

0.7

%

 

 

(4.4

)%

 

 

(3.2

)%

Stock based compensation

 

 

(0.6

)%

 

 

(0.2

)%

 

 

(0.4

)%

Valuation allowance

 

 

45.0

%

 

 

42.5

%

 

 

171.5

%

Foreign rate differential

 

 

(2.9

)%

 

 

(3.0

)%

 

 

(0.3

)%

Other

 

 

(0.9

)%

 

 

(0.7

)%

 

 

(1.3

)%

Effective tax rate

 

 

6.3

%

 

 

(0.8

)%

 

 

131.3

%

 

Components of Deferred Tax Assets and Liabilities

Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for income tax purposes. In addition, the company maintains an excess benefit for share based payments of $5.2 million which may be used to offset future income taxes payable. The tax effects of these temporary differences representing the components of deferred tax assets (liabilities) as of September 30,

 

 

 

2014

 

 

2015

 

 

 

(Amounts in thousands)

 

Current deferred tax assets:

 

 

 

 

 

 

 

 

Inventories

 

$

1,712

 

 

$

1,361

 

Accrued expenses

 

 

1,110

 

 

$

911

 

Tax loss carryforwards

 

 

-

 

 

$

7,560

 

Current deferred tax assets

 

 

2,822

 

 

 

9,832

 

Valuation allowance

 

 

(2,822

)

 

 

(578

)

Net current deferred tax assets

 

$

 

 

$

9,254

 

Long-term deferred tax assets:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

6,008

 

 

$

5,152

 

Stock based compensation

 

 

3,902

 

 

$

3,776

 

Tax loss carryforwards

 

 

24,418

 

 

 

9,890

 

Other

 

 

374

 

 

 

585

 

Long-term deferred tax assets

 

 

34,702

 

 

 

19,403

 

Valuation allowance

 

 

(34,702

)

 

 

(1,140

)

Net long-term deferred tax assets

 

$

 

 

$

18,263

 

 

Summary of Reconciliation of Unrecognized Tax Benefits

The reconciliation of the total amount recorded for unrecognized tax benefits at the beginning and end of the fiscal years ended September 30, 2014 and 2015 is as follows:

 

 

 

2014

 

 

2015

 

 

 

(Amounts in thousands)

 

Unrecognized tax benefits at the beginning of the year

 

$

224

 

 

$

234

 

Increases in tax positions for prior years

 

 

10

 

 

 

10

 

Unrecognized tax benefits as of September 30,

 

$

234

 

 

$

244