INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

INCOME TAXES

Schedule of provision for income taxes based on income before income taxes

The provision for income taxes is based on income before income taxes as follows (in thousands):

	For the year ended December 31, 2012		For the year ended December 31, 2011
Domestic	$	3,725	$	2,821
Foreign		3,773		6,698
Income before income taxes	$	7,498	$	9,519

Schedule of components of the total provision for income taxes

Components of the total provision for income taxes are as follows (in thousands):

	For the year ended December 31, 2012			For the year ended December 31, 2011
Current provision:
Domestic	$	115		$	302
Foreign		881			1,190
Total current provision		996			1,492
Deferred provision:
Domestic		1,162			984
Foreign		(57	)		76
Total deferred provision		1,105			1,060
Provision for income taxes	$	2,101		$	2,552

Schedule of differences in the provision for income taxes from the amount determined by applying the federal statutory rate

The provision for income taxes differs from the amount determined by applying the federal statutory rate as follows (in thousands):

	For the year ended December 31, 2012			For the year ended December 31, 2011
Tax provision, computed at statutory rate		34.0	%		34.0	%
State tax, net of federal impact		3.3	%		1.7	%
Permanent item; adjustment to contingent consideration		—	%		(3.9	)%
Effect of foreign tax rate differences		(4.4	)%		(4.6	)%
Foreign tax adjustments		(1.6	)%		(2.1	)%
Adjustments to prior year accruals(1)		(1.9	)%		—	%
Other		(1.4	)%		1.7	%
Provision for income taxes		28.0	%		26.8	%

(1)

Adjustments relate to the resolution of certain prior year income tax related matters.

Schedule of tax effects of significant temporary differences and credit and operating loss carryforwards that give rise to the net deferred tax assets and tax liabilities

The tax effects of significant temporary differences and credit and operating loss carryforwards that give rise to the net deferred tax assets and tax liabilities are as follows (in thousands):

	December 31, 2012			December 31, 2011
Current deferred tax assets:
Allowances and other	$	591		$	587
Tax credit carryforwards		—			—
Net operating loss carryforwards		98			749
Total current deferred tax assets		689			1,336
Valuation allowance		(50	)		(82	)
Net current deferred tax assets	$	639		$	1,254
Noncurrent deferred tax assets:
Employee benefit plans	$	1,375		$	1,268
Net operating loss carryforwards		—			—
Goodwill and Intangibles		1,983			2,349
Property, plant & equipment		(188	)		50
Other		933			659
Total noncurrent deferred tax assets	$	4,103		$	4,326
Deferred tax liabilities:
Acquired property, plant and equipment and intangible assets	$	638		$	756
Other		297			217
Total deferred tax liabilities	$	935		$	973