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Income Taxes (Tables)

12 Months Ended

May 31, 2014

Income Tax Disclosure [Abstract]

Components of income (loss) before income tax provision

The components of income (loss) before income tax provision for the years ended May 31 are as follows:

	2014				2013				2012
	(in thousands)
(Loss) income before tax provision:
US	$	5,839			$	(2,670	)		$	(5,151	)
Non-US	541				2,027				(131		)
	$	6,380			$	(643	)		$	(5,282	)

Summary of Income tax (benefit) provision analyzed by category

Income tax (benefit) provision analyzed by category and by statement of operations classification for the years ended May 31 is summarized as follows:

	2014				2013				2012
	(in thousands)
Current
Federal	$	(133	)		$	(1,622	)		$	448
State and local	99				(52		)		(19		)
Non U.S.	157				468				18
	123				(1,206		)		447
Deferred	3,169				1,175				(635		)
	$	3,292			$	(31	)		$	(188	)

Summary of significant components of deferred income tax (benefit) expense from operations

The significant components of deferred income tax (benefit) expense from operations for the years ended May 31 consist of the following:

	2014				2013				2012
	(in thousands)
Deferred tax expense (benefit)	$	1,996			$	1,175			$	(1,722	)
Impact of NYS tax reform legislation	1,173				—				—
Net operating loss carryforward	—				—				1,087
	$	3,169			$	1,175			$	(635	)

Summary of deferred tax asset and liabilities

Temporary differences that give rise to deferred tax assets and liabilities are summarized as follows:

	May 31, 2014				May 31, 2013
	(in thousands)
Deferred tax assets
Net operating loss carryforward	$	48,331			$	47,098
Stock-based compensation	4,851				4,813
Federal and state R&D tax credit carryforward	1,249				490
Inventories	875				1,713
State tax credits	—				1,326
Expenses incurred not currently deductible	1,379				880
Capital loss carryforwards	—				95
Deferred revenue	154				1,147
Gross deferred tax asset	56,839				57,562
Deferred tax liabilities
Excess tax over book depreciation and amortization	42,061				39,252
Impairment of long-lived assets	—				—
	42,061				39,252
Valuation Allowance	(1,532		)		(712		)
Net deferred tax asset	$	13,246			$	17,598

Summary of Income tax rate reconciliation

Our consolidated income tax provision has differed from the amount that would be provided by applying the U.S. Federal statutory income tax rate to our income before income taxes for the following reasons:

	2014				2013				2012
	(in thousands)
Income tax (benefit) provision	$	3,292			$	(31	)		$	(188	)
Effect of Graduated tax rates	64				(6		)		(53		)
State income taxes, net of Federal tax benefit	(122		)		(88		)		(158		)
State income tax credits, net of Federal tax benefit	—				23				69
Impact of Non US operations	27				228				(46		)
Tax-exempt interest	—				2				4
Research and development tax credit	236				142				115
Domestic Production Activities deduction	—				—				71
Nondeductible acquisition costs	—				(110		)		(1,144		)
Nondeductible interest on contingent payments	(540		)		(130		)		—
Nontaxable gain on revaluation of contingent consideration liability	1,698				—				—
Tax law change	(1,173		)		—				—
Effect of elimination of ASC 718 APIC pool	(440		)		—				—
Nondeductible stock-based compensation	(176		)		(108		)		(125		)
Other nondeductible expenses	(384		)		(336		)		(336		)
Overaccrual (underaccrual) of prior year Federal and state taxes	(249		)		10				138
Fully reserved capital losses	—				179				(208		)
Other	—				—				12
Income tax (benefit) provision at statutory tax rate of 35%	$	2,233			$	(225	)		$	(1,849	)

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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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-Publisher FASB

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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