Note 9 - Income Taxes

12 Months Ended

Dec. 31, 2012

Notes

Note 9 - Income Taxes

Note 9 – Income Taxes 

Deferred tax assets (liabilities) consist of the following temporary differences:

		December 31,
		2012				2011
		Current		Long-term		Current		Long-term
Inventory write-downs and differences          due to UNICAP	$	75	$	-	$	76	$	-
Allowance for doubtful accounts		22		-		22		-
Accrued liabilities and reserves		122		-		127		-
Other - foreign		119		(86)		108		(75)
Depreciation and amortization		-		(8,687)		-		(9,285)
Unrealized investment loss		113		-		-		123
Deferred income taxes, net	$	451	$	(8,773)	$	333	$	(9,237)

The components of income tax expense are as follows:

		Years ended December 31,
		2012		2011		2010
Current	$	4,960	$	4,287	$	3,022
Deferred		(592)		(621)		4
Total	$	4,368	$	3,666	$	3,026

Income tax expense differed from amounts computed by applying the statutory federal rate to pretax income as follows:

		Years ended December 31,
		2012		2011		2010
Federal income tax expense at the statutory rate	$	2,741	$	2,650	$	2,914
State income taxes		266		257		283
Foreign income taxes (blended rate)		1,603		877		74
ETI, manufacturing deduction and tax credits		(266)		(270)		(275)
Other		24		152		30
Total	$	4,368	$	3,666	$	3,026

The domestic and foreign components of income before income tax expense were as follows: 

		Years ended December 31,
		2012		2011		2010
Domestic	$	7,989	$	7,795	$	8,571
Foreign		6,548		3,285		469
Total	$	14,537	$	11,080	$	9,041