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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2018
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The income tax expense for the fiscal years ended June 30, 2018, 2017 and 2016 consists of the following (in thousands):
| Year ended June 30,
| 2018 |  | 2017 |  | 2016
Income Before Income Taxes: |  |  |  |  |
Domestic | $ | 8,234 |  |  | $ | 1,642 |  |  | $ | 7,518 |
International | 1,315 |  |  | 1,268 |  |  | 1,166 |
| $ | 9,549 |  |  | $ | 2,910 |  |  | $ | 8,684 |
Current Taxes: |  |  |  |  |
Federal | $ | 2,413 |  |  | $ | 1,324 |  |  | $ | 4,180 |
State | 407 |  |  | 137 |  |  | 561 |
Foreign | 150 |  |  | 510 |  |  | 455 |
Total Current Income Tax Provision | $ | 2,970 |  |  | $ | 1,971 |  |  | $ | 5,196 |
Deferred Taxes: |  |  |  |  |
Federal | $ | 377 |  |  | $ | (473 | ) |  | $ | (2,326 | )
State | 59 |  |  | (21 | ) |  | (105 | )
Foreign | 381 |  |  | (175 | ) |  | (187 | )
Total Deferred Income Tax Provision | $ | 817 |  |  | $ | (669 | ) |  | $ | (2,618 | )
Net Income Tax Provision | $ | 3,787 |  |  | $ | 1,302 |  |  | $ | 2,578 |
The Company has recorded the following items as part of its fiscal 2018 income tax provision (in thousands):
Revalue of Deferred Tax Assets for the Corporate Tax Rate Change | $ | 1,419 |
Deemed Repatriation Tax on All Untaxed Offshore Earnings | $ | — |
The Effective Income Tax Rate Differs from the U.S. Federal Statutory Income Tax Rate | The effective income tax rate for the fiscal years ended June 30, 2018, 2017 and 2016 differs from the U.S. Federal statutory income tax rate due to the following:
| Year ended June 30,
| 2018 |  | 2017 |  | 2016
Federal statutory income tax rate | 28.0 | % |  | 34.0 | % |  | 35.0 | %
State income taxes, net of federal benefit | 2.5 | % |  | 5.9 | % |  | 2.8 | %
Foreign tax rate difference | 1.6 | % |  | (4.6 | )% |  | (2.3 | )%
Tax return to provision true-up | (7.4 | )% |  | 0.6 | % |  | 0.7 | %
Other differences | 0.2 | % |  | (2.1 | )% |  | 0.0 | %
Revalue of deferred for change in federal tax rate | 14.9 | % |  | 0.0 | % |  | 0.0 | %
Permanent differences: |  |  |  |  |
— stock based compensation | 0.7 | % |  | 4.6 | % |  | 0.9 | %
— domestic production activities deduction | (1.5 | )% |  | (3.3 | )% |  | (4.4 | )%
— tax credits | (1.3 | )% |  | (0.9 | )% |  | (0.7 | )%
— meals and entertainment | 0.9 | % |  | 3.4 | % |  | 1.0 | %
— penalties | 0.1 | % |  | 1.5 | % |  | 0.0 | %
— other | 0.9 | % |  | 4.3 | % |  | (3.9 | )%
Change in valuation allowance | 0.1 | % |  | 1.3 | % |  | 0.6 | %
Net income tax provision | 39.7 | % |  | 44.7 | % |  | 29.7 | %
The Components of the Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities as of June 30, 2018 and 2017 are as follows (in thousands):
| June 30,
| 2018 |  | 2017
Deferred tax assets: |  |  |
Federal, state, and foreign net operating loss carryovers | $ | 574 |  |  | $ | 536 |
Stock option compensation | 1,367 |  |  | 1,531 |
Accrued vacation, allowance for returns, bonuses & other | 2,615 |  |  | 3,173 |
Gross deferred tax asset | $ | 4,556 |  |  | $ | 5,240 |
Deferred tax liabilities: |  |  |
Patents and trademarks | $ | (145 | ) |  | $ | (253 | )
Property & equipment | (823 | ) |  | (588 | )
Other | (13 | ) |  | — |
Gross deferred tax liabilities | (981 | ) |  | (841 | )
Less: valuation allowance | (320 | ) |  | (312 | )
Deferred tax assets, net | $ | 3,255 |  |  | $ | 4,087 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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