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Note 8 - Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		2019				2018
		(In thousands)
Current:
Federal		$	(283	)		$	(1,901	)
State			93				352
Total			(190	)			(1,549	)
Deferred:
Federal		$	1,220			$	(5,560	)
State			(310	)			(117	)
Total			910				(5,677	)
Total income taxes (1)		$	720			$	(7,226	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		2019				2018
Computed (expected tax rate)			21.0	%			31.5	%
State income taxes (net of federal tax benefit)			3.2				2.9
State tax credits			0.7				(4.8	)
Federal credits			1.0				(6.8	)
Manufacturer’s deduction			-				0.4
Addition to uncertain tax positions			1.0				2.0
Difference between statutory and actual rate			-				(10.5	)
Other permanent differences not deductible			(0.2	)			(3.7	)
Change in valuation allowance			(0.2	)			22.6
Return to provision federal			(0.1	)			(4.5	)
Tax rate change			-				(42.1	)
Other			(0.5	)			(2.1	)
Effective income tax rate			25.9	%			(15.1	)%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		2019				2018
		(In thousands)
Deferred income tax assets:
Future tax credits		$	5,124			$	5,030
Restructuring reserve			1,071				2,374
Employee benefits			2,030				2,440
Insurance			312				361
Other comprehensive loss			6,250				8,500
Interest			12				31
Future federal tax credits			654				443
Prepaid revenue			528				403
Other			298				714
Net operating loss and other tax attribute carryovers			5,628				4,512
Total assets			21,907				24,808
Deferred income tax liabilities:
Property basis and depreciation difference			13,049				11,750
Inventory valuation			534				964
Intangibles			286				325
Pension			1,633				2,328
Total liabilities			15,502				15,367
Valuation allowance - non-current			3,988				3,865
Net deferred income tax asset		$	2,417			$	5,576

Summary of Income Tax Contingencies [Table Text Block]

		2019				2018
		(In thousands)
Beginning balance		$	855			$	715
Tax positions related to current year:
Additions			26				9
Tax positions related to prior years:
Additions			-				154
Reductions			(2	)			(23	)
Lapses in statues of limitations			(483	)			-
Balance as of March 31,		$	396			$	855

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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