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NOTE 13 - INCOME TAXES | 12 Months Ended
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Jan. 29, 2012
Income Tax Disclosure [Text Block] | NOTE 13 – INCOME TAXES Our provision for income taxes was as follows for the periods indicated:
|  | Fifty-Two Weeks Ended |
|  | January 29, |  |  | January 30, |  |  | January 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Current expense |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,687 |  |  | $ | 2,450 |  |  | $ | 1,712 |
Foreign |  |  | 54 |  |  |  | 50 |  |  |  | 34 |
State |  |  | 182 |  |  |  | 301 |  |  |  | 224 |
Total current expense |  |  | 1,923 |  |  |  | 2,801 |  |  |  | 1,970 |
Deferred taxes |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (87 | ) |  |  | (1,735 | ) |  |  | (110 | )
State |  |  | 52 |  |  |  | (137 | ) |  |  | 219 |
Total deferred taxes |  |  | (35 | ) |  |  | (1,872 | ) |  |  | 109 |
Income tax expense |  | $ | 1,888 |  |  | $ | 929 |  |  | $ | 2,079 |
Total tax expense for the fiscal year ended January 29, 2012 was $1.6 million, of which $1.9 million was allocated to continuing operations and $(303,000) benefit was allocated to Other Comprehensive Income. Total tax expenses for fiscal year ended January 30, 2011 was $1.0 million, of which $929,000 was allocated to continuing operations and $100,000 was allocated to Other Comprehensive Income. Total tax expense for fiscal year ended January 31, 2010 was $2.2 million, of which $2.1 million was allocated to continuing operations and $109,000 was allocated to Other Comprehensive Income. The effective income tax rate differed from the federal statutory tax rate as follows for the periods indicated:
|  | Fifty-Two Weeks Ended |
|  | January 29, |  |  | January 30, |  |  | January 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Income taxes at statutory rate |  |  | 34.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State taxes, net of federal benefit |  |  | 2.3 |  |  |  | 2.2 |  |  |  | 2.5 |
Non-cash charitable contribution of appreciated inventory |  |  | (0.9 | ) |  |  | (3.2 | ) |  |  | (2.2 | )
Officer's life insurance |  |  | (5.9 | ) |  |  | (6.8 | ) |  |  | (3.8 | )
Captive insurance disbursement |  |  | (1.9 | ) |  |  | (2.4 | ) |  |  | - |
Subpart F Income |  |  | 0.2 |  |  |  | 2.2 |  |  |  | 3.1 |
Valuation allowance against state income tax NOL's |  |  | - |  |  |  | - |  |  |  | 2.7 |
Penalty |  |  | - |  |  |  | (4.2 | ) |  |  | 2.0 |
Other |  |  | (0.6 | ) |  |  | (0.5 | ) |  |  | 1.6 |
Effective income tax rate |  |  | 27.2 | % |  |  | 22.3 | % |  |  | 40.9 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities for the period indicated were:
|  | January 29, |  |  | January 30, |
|  | 2012 |  |  | 2011 |
Assets |  |  |  |  |  |
Deferred compensation |  | $ | 3,080 |  |  | $ | 2,519 |
Allowance for bad debts |  |  | 729 |  |  |  | 785 |
State income taxes |  |  | 173 |  |  |  | 233 |
Restructuring |  |  | 6 |  |  |  | 27 |
Property, plant and equipment |  |  | 404 |  |  |  | 722 |
Intangible assets |  |  | 1,270 |  |  |  | 831 |
Charitable contribution carryforward |  |  | 954 |  |  |  | 772 |
Inventories |  |  | - |  |  |  | 129 |
Other |  |  | 191 |  |  |  | 191 |
Total deferred tax assets |  |  | 6,807 |  |  |  | 6,209 |
Valuation allowance |  |  | (139 | ) |  |  | (139 | )
|  |  | 6,668 |  |  |  | 6,070 |
Liabilities |  |  |  |  |  |  |  |
Inventories |  |  | 263 |  |  |  | - |
Employee benefits |  |  | 343 |  |  |  | 346 |
Other |  |  | - |  |  |  | - |
Total deferred tax liabilities |  |  | 606 |  |  |  | 346 |
Net deferred tax asset |  | $ | 6,062 |  |  | $ | 5,724 |
At January 29, 2012 and January 30, 2011, our net deferred tax asset was $6.1 million and $5.7 million, respectively. The current and long-term components are shown in of our consolidated balance sheets as follows:
|  | January 29, |  |  | January 30, |
|  | 2012 |  |  | 2011 |
Prepaid expenses and other current assets (current portion) |  | $ | 1,012 |  |  | $ | 1,869 |
Other assets (long-term portion) |  |  | 5,050 |  |  |  | 3,855 |
Total asset |  | $ | 6,062 |  |  | $ | 5,724 |
At January 30, 2011, $3.8 million of deferred income taxes was classified as “other long-term assets” and $1.9 million was classified as “other current assets” in the consolidated balance sheets. A valuation allowance of $139,000 was established during the fiscal year ended January 31, 2010 against certain state net operating losses being carried forward. We expect to fully utilize the remaining deferred tax assets in future periods when the amounts become deductible. During the fiscal year ended January 31, 2010, we sold $163,000 of state income tax credits that we were not able to use or carryforward. At January 30, 2011 and January 31, 2010, we had state income tax credit carry forwards of $54,000 and $104,000 respectively. Current accounting standards prescribe a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also addresses de-recognition, classification, interest and penalties, accounting in interim periods and disclosures. We had no material unrecognized tax benefits at January 29, 2012 or January 30, 2011, and there were no material increases or decreases in unrecognized tax benefits during fiscal 2012, fiscal 2011 or fiscal 2010. We have elected to classify interest and penalties recognized with respect to unrecognized tax benefits as income tax expense. During fiscal 2010 the Internal Revenue Service assessed a late payment penalty of $100,000, which we recognized as current tax expense. During fiscal 2011 we successfully requested to have the penalty abated. The abatement of the penalty is reflected as a $100,000 reduction in fiscal 2011 federal income tax expense. No interest or penalties were accrued as of January 29, 2012. Tax years beginning February 3, 2008, through January 30, 2011 remain subject to examination by federal and state taxing authorities.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + 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=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 6: 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=6907707&loc=d3e32639-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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