Note 9 - Income Taxes

12 Months Ended

Dec. 31, 2013

Notes

Note 9 - Income Taxes

Note 9 – Income Taxes 

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

		December 31,
		2013				2012
		Current		Long-term		Current		Long-term
Inventory write-downs and differences          due to UNICAP	$	82	$	-	$	75	$	-
Allowance for doubtful accounts		27		-		22		-
Accrued liabilities and reserves		57		-		122		-
Other - foreign		55		(85)		119		(86)
Depreciation and amortization		-		(7,369)		-		(8,687)
Unrealized investment loss		107		-		113		-
Deferred income taxes, net	$	328	$	(7,454)	$	451	$	(8,773)

The components of income tax expense are as follows:

		Years ended December 31,
		2013		2012		2011
Current	$	4,266	$	4,960	$	4,287
Deferred		(1,196)		(592)		(621)
Total	$	3,070	$	4,368	$	3,666

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

		Years ended December 31,
		2013		2012		2011
Federal income tax expense at the statutory rate	$	2,580	$	2,741	$	2,650
State income taxes		250		266		257
Foreign income taxes (blended rate)		542		1,603		877
ETI, manufacturing deduction and tax credits		(244)		(266)		(270)
Other		(58)		24		152
Total	$	3,070	$	4,368	$	3,666

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

		Years ended December 31,
		2013		2012		2011
Domestic	$	7,587	$	7,989	$	7,795
Foreign		6,889		6,548		3,285
Total	$	14,476	$	14,537	$	11,080