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Income Taxes

3 Months Ended

May 03, 2014

(8) Income Taxes

The Company’s effective tax rates for income (loss) from continuing operations based on the projected effective tax rate for the full year, are as follows:


	Three Months Ended
Fiscal 2015		28.5	%
Fiscal 2014		(42.1	)%

During the first quarter of fiscal 2015, the Company recognized an income tax expense of approximately $449,000 which included an expense of $549,000 on the quarter’s pretax income and a benefit of $100,000 related to the favorable resolution of a previously uncertain tax position. During the first quarter of fiscal 2014, the Company recognized an income tax benefit on the loss from continuing operations of approximately $319,000.

As of May 3, 2014, the Company’s cumulative unrecognized tax benefits totaled $651,000 compared to $715,000 as of January 31, 2014.

- 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.

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