Income Taxes (Tables)

12 Months Ended

Mar. 31, 2014

Provision for Income Taxes (Benefit) Expense

The Company’s provision for income tax (benefit) expense for Fiscal 2014 and Fiscal 2013 was as follows:

	2014			2013
	(In thousands)
Current:
Federal	$	(450	)	$	1,353
Foreign, state and other		(484	)		215
Prior year federal and state with penalty & interest		0			881
Deferred:
Federal		(467	)		947
Foreign, state and other		(68	)		270
Provision for income tax (benefit) expense	$	(1,469	)	$	3,666

Effective Rate Reflected in Provision for Income Taxes and Amounts 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 2014 and Fiscal 2013 is analyzed below:

	2014			2013
	(In thousands)
Statutory provision	$	(52	)	$	3,283
Foreign subsidiary		(1,009	)		(2,626	)
State taxes		(529	)		366
Permanent differences		304			716
Prior year taxes		0			897
True up AMT Credit		0			898
True up to prior year taxes		(158	)		56
Valuation allowance		(234	)		0
Expiration of Stock Options and Warrants		209			0
Other, net		0			76
Provision for income tax (benefit) expense	$	(1,469	)	$	3,666

Components of Deferred Tax Assets and Liabilities

As of March 31, 2014 and March 31, 2013, the significant components of the Company’s deferred tax assets and liabilities were as follows:

	2014		2013
	(In thousands)
Deferred tax assets:
Current:
Accounts receivable reserves	$	842	$	881
Inventory reserves		401		401
Accruals		151		237
Stock warrants		0		166
Total current deferred tax assets		1,394		1,685
Non-current:
Property, plant, and equipment		669		1,169
Net operating loss and credit carry forwards		1,084		107
Stock compensation		0		79
Total non-current deferred tax assets - gross		1,753		1,355
Valuation allowances		0		(234	)
Total non-current deferred tax assets		1,753		1,121
Total deferred tax assets		3,147		2,806
Deferred tax liabilities:
Non-current:
Capital lease expense		0		194
Total deferred tax liabilities		0		194
Net deferred tax assets	$	3,147	$	2,612

State Net Operating Loss

The Company has $3.7 million of state NOLs as of March 31, 2014 as follows (in millions $):

Loss Year (Fiscal)	Included in DTA		Expiration Year (Fiscal)
2008	$	1.3 million		2018
2014	$	2.4 million		2034

Reconciliation of Changes in Uncertain Tax Positions

A reconciliation of the Company’s changes in uncertain tax positions from April 1, 2013 to March 31, 2014 is as follows:

	In 000’s
Total amount of unrecognized tax benefits as of April 1, 2013	$	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		(121	)
Total amount of unrecognized tax benefits as of March 31, 2014		—