Income Taxes (Tables)

12 Months Ended

Mar. 31, 2013

Provision for Income Taxes

The Company’s provision for income taxes for Fiscal 2013 and Fiscal 2012 were as follows:

	2013		2012
	(In thousands)
Current:
Federal	$	1,353	$	266
Foreign, state and other		215		579
Prior year federal and state with penalty & interest		881		234
Deferred:
Federal		947		1089
Foreign, state and other		270		308
Provision for income taxes	$	3,666	$	2,476

Effective Rate Reflected in the Provision for Income Taxes and Amount Determined by Applying Statutory Federal Rate

The difference between the effective rate reflected in the provision for income taxes and the amounts determined by applying the statutory federal rate of 34% to earnings before income taxes for Fiscal March 2013 and Fiscal 2012 is analyzed below:

	2013			2012
	(In thousands)
Statutory provision	$	3,283		$	4,458
Foreign subsidiary		(2,626	)		(1,677	)
State taxes		366			736
Permanent differences		716			6
Prior year taxes		897			34
True up AMT Credit		898			—
True up to prior year taxes		56			—
Valuation allowance					(1,081	)
Other, net		76			—
Total income tax	$	3,666		$	2,476

Components of Deferred Tax Assets and Liabilities

As of March 31, 2013 and March 31, 2012, the significant components of the Company’s deferred tax assets and liabilities were as follows:

	2013			2012
	(In thousands)
Deferred tax assets:
Current:
Accounts receivable reserves	$	881		$	1,445
Inventory reserves		401			368
Accruals		237			214
Stock warrants		166			166
Non-current:
Property, plant, and equipment		1,169			699
Net operating loss and credit carryforwards		107			1,235
Stock compensation		79			79
Gross deferred tax assets		3,040			4,206
Valuation allowances		(234	)		(234	)
Total deferred tax assets		2,806			3,972
Deferred tax liabilities:
Non-current:
Capital lease expense		194			177
Total Deferred Tax Liabilities		194			177
Net deferred tax assets	$	2,612		$	3,795

State Net Operating Loss

The amounts of state NOLs available by year as of March 31, 2013 are as follows (in millions $):

Loss Year (Fiscal)	Included in DTA		Expiration Year (Fiscal)
2008		1.3		2018

Reconciliation of Changes in Uncertain Tax Positions

A reconciliation of the Company’s changes in uncertain tax positions from April 1, 2012 to March 31, 2013 is as follows:

	In 000’s
Total amount of unrecognized tax benefits as of April 1, 2012	$	121
Gross increases in unrecognized tax benefits as a result of tax positions taken during a prior period		—
Gross decreases in unrecognized tax benefits as a result of tax positions taken during a prior period		—
Gross increases in unrecognized tax benefits as a result of tax positions taken during the current period		—
Gross decreases in unrecognized tax benefits as a result of tax positions taken during the current period		—
Decreases in unrecognized tax benefits relating to settlements with taxing authorities		—
Reductions to unrecognized tax benefits as a result of lapse of statute of limitations		—
Total amount of unrecognized tax benefits as of March 31, 2013	$	121

Summary of Open Tax Years

A summary of the Company’s open tax years is as follows as of March 31, 2013:

Jurisdiction	Open Tax Years
U.S. Federal		2009-2012
U.S. States		2008-2012
Foreign		2006-2012