NOTE 7 - FEDERAL AND STATE INCOME TAXES

3 Months Ended

Mar. 30, 2013

Income Tax Disclosure [Text Block]

NOTE 7 – FEDERAL AND STATE INCOME TAXES

The components of income tax expense (benefit) for the three months ended March 30, 2013 and March 31, 2012 were as follows:

	Three Months Ended
	March 30, 2013			March 31, 2012
	(dollars in thousands)
Current	$	93		$	(26	)
Deferred		—			—
Total tax expense (benefit)	$	93		$	(26	)
Discontinued operations		—			(107	)
Total tax expense (benefit)	$	93		$	(133	)
Effective tax rate		41.5	%		48.7	%

The Company makes its interim tax allocation by applying estimated fiscal year effective tax rates to estimated fiscal year ordinary income together with unusual or infrequently occurring activity for the year-to-date period.