Income Taxes (Tables)

6 Months Ended

Oct. 18, 2015

Schedule of Components of Income Tax Expense

The U.S. and foreign components of income before income taxes and the provision for income taxes are presented in this table:



	For the transitional Twenty-Five Weeks Ended
	October 18, 2015
Income before income taxes:
Domestic	$	(6,596,512	)
Foreign	(732,054		)
	$	(7,328,566	)
Provision for current income tax expense:
Federal	$	2,902,214
State and local	535,967
Foreign	40,631
	$	3,478,812
Provision for deferred income tax expense:
Federal	$	1,813,513
State and local	95,180
Foreign	(43,891		)
	1,864,802
Total provision for income tax expense	$	5,343,614

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of the statutory federal income tax rate to our effective income tax rate expressed as a percentage of income before income taxes:



	For the transitional Twenty-Five Weeks Ended
	October 18, 2015
U.S. statutory rate	35.0	%
State and local tax provision, net of federal benefit	(6.3	)%
Foreign taxes	(8.7	)%
State research and development tax credits	2.9	%
Non-deductible merger costs, executive compensation and other permanent differences	(86.1	)%
Impairment of our investment in Cerbomed	(10.7	)%
Domestic manufacturing deduction	0.6	%
Other, net	0.4	%
Effective tax rate	(72.9	)%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets were as follows:



	October 18, 2015			April 24, 2015
Deferred tax assets (liabilities):
Foreign net operating loss carryforwards	$	1,940,719		$	1,906,364
State net operating loss carryforwards	68,170			70,129
Tax credit carryforwards	4,029,615			3,059,133
Deferred compensation	6,229,967			6,847,074
Accruals and reserves	1,705,728			3,003,760
Licensing income and expense	(164,972		)	(285,597		)
Property and equipment	(450,141		)	(630,789		)
Other	542,794			919,272
Total deferred tax assets	13,901,880			14,889,346
Deferred tax valuation allowance	(2,398,063		)	(1,612,766		)
Net deferred tax assets	$	11,503,817		$	13,276,580

Deferred Tax Assets And Liabilities Current and Non-Current



	October 18, 2015			April 24, 2015
Current deferred tax asset	$	6,329,031		$	9,466,309
Current valuation allowance	(1,008,080		)	(799,990		)
Non-current deferred tax asset	9,761,355			8,384,241
Non-current valuation allowance	(1,389,983		)	(812,776		)
	13,692,323			16,237,784
Current deferred tax liability	(939,476		)	(1,467,593		)
Non-current deferred tax liability	(1,249,030		)	(1,493,611		)
	(2,188,506		)	(2,961,204		)
Net deferred tax assets	$	11,503,817		$	13,276,580