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Income taxes | 12 Months Ended
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Oct. 31, 2013
Income Tax Disclosure [Abstract] |
Income taxes | Note 7 - Income taxes The provision for income taxes for the fiscal years ended October 31, 2013 and 2012 consists of the following (in thousands):
|  | 2013 |  | 2012 |
Current: |  |  |  |  |  |  |
Federal |  | $ | 1,365 |  | $ | 1,329 |
State |  |  | 153 |  |  | 315 |
|  |  | 1,518 |  |  | 1,644 |
Deferred: |  |  |  |  |  |  |
Federal |  |  | 285 |  |  | (142) |
State |  |  | 27 |  |  | (3) |
|  |  | 312 |  |  | (145) |
|  | $ | 1,830 |  | $ | 1,499 |
Income tax at the federal statutory rate is reconciled to the Company’s actual net provision for income taxes as follows (in thousands, except percentages):
|  | 2013 |  |  | 2012 |  |
|  |  |  |  | % of Pretax |  |  |  |  |  | % of Pretax |  |
|  | Amount |  | Income |  |  | Amount |  | Income |  |
Income tax at Federal statutory rate |  | $ | 2,315 |  | 34.0 | % |  | $ | 1,396 |  | 34.0 | % |
State tax provision, net of Federal tax benefit |  |  | 232 |  | 3.4 | % |  |  | 230 |  | 5.6 | % |
Nondeductible differences: |  |  |  |  |  |  |  |  |  |  |  |  |
ISO stock options, net |  |  | (509) |  | -7.4 | % |  |  | 7 |  | 0.2 | % |
Qualified domestic production activities deduction |  |  | (87) |  | -1.3 | % |  |  | (46) |  | -1.1 | % |
Other |  |  | 40 |  | 0.6 | % |  |  | 36 |  | 0.9 | % |
Uncertain tax positions |  |  | - |  | - |  |  |  | (79) |  | -1.9 | % |
R&D credit |  |  | (87) |  | -1.3 | % |  |  | - |  | - |  |
Other |  |  | (74) |  | -1.1 | % |  |  | (45) |  | -1.2 | % |
Provision for income taxes |  | $ | 1,830 |  | 26.9 | % |  | $ | 1,499 |  | 36.5 | % |
The Company’s total deferred tax assets and deferred tax liabilities at October 31, 2013 and 2012 are as follows (in thousands):
|  | 2013 |  | 2012 |
Current Assets: |  |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 40 |  | $ | 37 |
Inventory obsolescence |  |  | - |  |  | 66 |
Accrued vacation |  |  | 144 |  |  | 154 |
State income taxes |  |  | 27 |  |  | 118 |
Stock based compensation awards |  |  | - |  |  | 236 |
Section 263A costs |  |  | 104 |  |  | 129 |
Other |  |  | 7 |  |  | 21 |
Total current assets |  |  | 322 |  |  | 761 |
Long-Term Assets: |  |  |  |  |  |  |
Amortization / intangible assets |  |  | 90 |  |  | 103 |
Long-Term Liabilities: |  |  |  |  |  |  |
Amortization / intangible assets |  |  | (708) |  |  | (799) |
Depreciation / equipment and furnishings |  |  | (332) |  |  | (381) |
Net long-term deferred tax liabilities |  |  | (950) |  |  | (1,077) |
Total deferred tax liabilities |  | $ | (628) |  | $ | (316) |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
Balance at November 1, 2011 |  | $ | 79 |
Lapse of statute of limitations - tax positions in prior period |  |  | (79) |
Balance at October 31, 2012 |  |  | - |
Lapse of statute of limitations - tax positions in prior period |  |  | - |
Balance at October 31, 2013 |  | $ | - |
The Company had no gross liability for unrecognized tax benefits at October 31, 2013 and 2012. During the year ended October 31, 2012, a reduction of $19,000 of interest was a result of the expiration of the statute of limitations. As of October 31, 2013 and 2012, no accrued interest or penalties were included in other long-term liabilities on the balance sheet. The Company is currently not undergoing any tax examinations. Tax fiscal years ended October 31, 2009 through October 31, 2013 remain subject to examination.

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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 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: 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=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 5: 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 6: 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 + Details
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