Income Taxes (Tables)

12 Months Ended

Mar. 31, 2017

Provision for Income Tax Expense (Benefit)

The Company’s provision for income tax expense (benefit) for fiscal 2017 and fiscal 2016 was as follows:

	2017			2016
	(In thousands)
Current:
Federal	$	(596	)	$	(685	)
Foreign, state and other		5			8
Prior year federal and state, with interest		154			48
Uncertain tax positions, federal and state		—			(249	)
Deferred:
Federal		540			602
Foreign, state and other		69			17
Provision for income tax expense (benefit)	$	172		$	(259	)

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 2017 and fiscal 2016 is analyzed below

	2017			2016
	(In thousands)
Statutory provision	$	(40	)	$	(432	)
Foreign subsidiary		(71	)		76
State taxes		(51	)		48
Permanent differences		112			3
True up to prior year taxes		(63	)		299
Valuation allowance		288			—
(Decrease)/increase in Uncertain Tax Positions		—			(249	)
NOL Adjustments		(3	)		(4	)
Provision for income tax (benefit) expense	$	172		$	(259	)

Components of Deferred Tax Assets Classified as Non-Current

As of March 31, 2017 and March 31, 2016, the significant components of the Company’s deferred tax assets which were classified as non-current, were as follows:

	2017			2016
	(In thousands)
Deferred tax assets:
Accounts receivable reserves	$	123		$	548
Inventory reserves		201			284
Accruals		17			42
Property, plant and equipment and intangible assets		438			504
Net operating loss and credit carry forwards		300			23
Valuation allowance		(288	)		—
Total deferred tax assets	$	791		$	1,401

State Net Operating Loss

The Company has $3.0 million of state NOLs as of March 31, 2017 as follows (in millions $)

Loss Year (Fiscal)	Included in DTA	Expiration Year (Fiscal)
2014	$2.4 million		2034
2016	$0.5 million	2036