Income Taxes (Tables)

12 Months Ended

Mar. 31, 2018

The Company’s provision for income tax expense for fiscal 2018 and fiscal 2017 was as follows:

	2018			2017
	(In thousands)
Current:
Federal	$	3,071		$	(596	)
Foreign, state and other		8			5
Prior year federal and state, with interest		119			154
Deferred:
Federal		272			540
Foreign, state and other		(9	)		69
Provision for income tax expense	$	3,461		$	172

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 2018 and fiscal 2017 is analyzed below

	2018			2017
	(In thousands)
Statutory provision	$	(1,044	)	$	(40	)
Foreign subsidiary		(80	)		(71	)
State taxes		91			(51	)
Permanent differences		1			112
Effect of new rate per Tax Act on deferred tax asset		325			—
True up to prior year taxes		(106	)		(63	)
Federal taxes on Section 965		3,121			—
Valuation allowance		160			288
Utilization of NOL on Section 965		997			—
NOL Adjustments		(4	)		(3	)
Provision for income tax expense	$	3,461		$	172

Components of Deferred Tax Assets Classified as Non-Current

As of March 31, 2018 and March 31, 2017, the significant components of the Company’s deferred tax assets which were classified as non-current, were as follows:

	2018			2017
	(In thousands)
Deferred tax assets:
Accounts receivable reserves	$	86		$	123
Inventory reserves		125			201
Accruals		43			17
Property, plant and equipment and intangible assets		262			438
Net operating loss and credit carry forwards		460			300
Valuation allowance		(448	)		(288	)
Total deferred tax assets	$	528		$	791

State Net Operating Loss

The Company has $7.0 million of state NOLs as of March 31, 2018 as follows (in millions $)

Loss Year (Fiscal)	Included in DTA	Expiration Year (Fiscal)
2014	$2.4 million		2034
2017	$0.5 million		2036
2018	$3.6 million	2037