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Income Taxes (Tables)

12 Months Ended

Jan. 31, 2019

Income Tax Disclosure [Abstract]

Components of Income before Income Taxes

The components of income before income taxes are as follows:

		January 31
		2019				2018				2017
(In thousands)
Domestic		$	6,859			$	2,110			$	4,026
Foreign			449				3,047				2,579
		$	7,308			$	5,157			$	6,605

Components of Provision for Income Taxes

The components of the provision for income taxes are as follows:

		January 31
		2019				2018				2017
(In thousands)
Current:
Federal		$	1,807			$	592			$	1,269
State			457				251				209
Foreign			952				284				725
			3,216				1,127				2,203
Deferred:
Federal		$	(843	)		$	903			$	150
State			(170	)			(25	)			37
Foreign			(625	)			(134	)			(13	)
			(1,638	)			744				174
		$	1,578			$	1,871			$	2,377

Components of Difference Between Provision for Income Taxes and Amount Computed by Applying Statutory Federal Income Tax Rate

The provision for income taxes differs from the amount computed by applying the United States federal statutory income tax rate of 21.0% (32.9% for FY18 and 34% FY17) to income before income taxes. The reasons for this difference were due to the following:

		January 31
		2019				2018				2017
(In thousands)
Income Tax Provision at Statutory Rate		$	1,534			$	1,697			$	2,246
U.S Corporate Rate Change			52				1,010				—
State Taxes, Net of Federal Tax Effect			226				149				162
Transition Tax on Repatriated Earnings			14				104				—
Capitalized Transaction Costs			—				—				179
Unrecognized State Tax Benefits			(34	)			(20	)			165
Domestic Production Deduction			—				(47	)			(103	)
Return to Provision Adjustment			58				(122	)			(75	)
TrojanLabel Earn Out Liability Adjustment			—				(316	)			—
R&D Credits			(218	)			(537	)			(168	)
Foreign Deferred Intangible Income			(53	)			—				—
Other			(1	)			(47	)			(29	)
		$	1,578			$	1,871			$	2,377

Tax Effects of Temporary Differences that gave Rise to Significant Portions of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities are as follows:

		January 31
		2019				2018
(In thousands)
Deferred Tax Assets:
Inventory		$	1,800			$	1,648
Honeywell Royalty Liability			3,146				3,382
State R&D Credits			1,305				1,161
Share-Based Compensation			493				399
Compensation Accrual			155				194
Warranty Reserve			201				139
Unrecognized State Tax Benefits			133				138
Deferred Service Contract Revenue			91				84
Bad Debt			101				—
Net Operating Loss			505				—
Other			142				176
			8,072				7,321
Deferred Tax Liabilities:
Intangibles			2,660				3,679
Accumulated Tax Depreciation in Excess of Book Depreciation			982				1,028
Other			238				322
			3,880				5,029
Subtotal			4,192				2,292
Valuation Allowance			(1,304	)			(1,161	)
Net Deferred Tax Assets		$	2,888			$	1,131

Changes in Balance of Unrecognized Tax Benefits, Excluding Interest and Penalties

The changes in the balances of unrecognized tax benefits, excluding interest and penalties are as follows:

		2019				2018				2017
(In thousands)
Balance at February 1		$	665			$	708			$	591
Increases in prior period tax positions			—				—				75
Increases in current period tax positions			7				55				133
Reductions related to lapse of statute of limitations			(54	)			(98	)			(91	)
Balance at January 31		$	618			$	665			$	708

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