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Income Taxes (Tables)
12 Months Ended
Jan. 31, 2015
Income Tax Disclosure [Abstract]  
Components of Net Deferred Tax Assets

The components of the net deferred tax assets as of January 31, 2015 and February 1, 2014 are as follows (in thousands):

 

 

 

January 31, 2015

 

 

February 1, 2014

 

 

 

 

 

 

 

 

 

 

Deferred tax assets, current:

 

 

 

 

 

 

 

 

Inventory reserves

 

$

2,602

 

 

$

2,911

 

Accrued Expenses and other

 

 

5,035

 

 

 

3,378

 

Gain on sale-leaseback

 

 

574

 

 

 

579

 

Valuation allowance (1)

 

 

(8,211

)

 

 

(6,868

)

Net deferred tax assets, current

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

Deferred tax assets, non-current:

 

 

 

 

 

 

 

 

Gain on sale-leaseback

 

 

5,745

 

 

 

6,368

 

Lease accruals

 

 

5,257

 

 

 

4,544

 

Net operating loss carryforward

 

 

46,048

 

 

 

38,082

 

Capital loss carryforward

 

 

3,021

 

 

 

3,162

 

Foreign tax credit carryforward

 

 

907

 

 

 

852

 

Federal wage tax credit carryforward

 

 

361

 

 

 

270

 

State tax credits

 

 

95

 

 

 

75

 

Unrecognized loss on foreign exchange

 

 

196

 

 

 

117

 

Unrecognized loss on pension and pension expense

 

 

3,840

 

 

 

2,585

 

Alternative minimum tax credit carryforward

 

 

2,292

 

 

 

2,292

 

Excess of tax over book depreciation/amortization

 

 

(21,170

)

 

 

(17,518

)

Goodwill and intangibles

 

 

5,768

 

 

 

7,656

 

Subtotal

 

$

52,360

 

 

$

48,485

 

Valuation allowance (1)

 

 

(52,360

)

 

 

(48,485

)

Net deferred tax assets, non-current

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

Deferred tax liability, non-current:

 

 

 

 

 

 

 

 

Goodwill and intangibles

 

$

(91

)

 

$

-

 

Deferred tax liability, non-current

 

$

(91

)

 

$

-

 

 

(1)

For fiscal 2014, the Company had total deferred tax assets of $81.7 million, total deferred tax liabilities of $21.2 million and a valuation allowance of $60.6 million.

Provision for Income Taxes from Continuing Operations

The provision for income taxes from continuing operations consists of the following:

 

 

 

FISCAL YEARS ENDED

 

 

 

January 31, 2015

 

 

February 1, 2014

 

 

February 2, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal and state

 

$

97

 

 

$

77

 

 

$

96

 

Foreign

 

 

55

 

 

 

66

 

 

 

64

 

 

 

 

152

 

 

 

143

 

 

 

160

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Federal and state

 

 

91

 

 

 

45,518

 

 

 

5,084

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

91

 

 

 

45,518

 

 

 

5,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total provision (2)

 

$

243

 

 

$

45,661

 

 

$

5,244

 

(2)

There was no benefit or provision recognized on the loss from discontinued operations for fiscal 2014, fiscal 2013 or fiscal 2012.

Reconciliation between Statutory and Effective Income Tax Rates

The following is a reconciliation between the statutory and effective income tax rates in dollars for the provision for income tax from continuing operations:

 

 

 

FISCAL YEARS ENDED

 

 

 

January 31, 2015

 

 

February 1, 2014

 

 

February 2, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Federal income tax at the statutory rate

 

$

(3,827

)

 

$

(5,108

)

 

$

4,632

 

State income and other taxes, net of federal tax benefit

 

 

(72

)

 

 

(810

)

 

 

631

 

Permanent items

 

 

141

 

 

 

171

 

 

 

209

 

Change in uncertain tax provisions

 

 

 

 

 

 

 

 

 

Charge/(income) for valuation allowance

 

 

4,034

 

 

 

52,463

 

 

 

(1

)

Other, net

 

 

(33

)

 

 

(1,055

)

 

 

(227

)

Provision for income tax from continuing operations

 

$

243

 

 

$

45,661

 

 

$

5,244