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INCOME TAXES: | 12 Months Ended
--- | ---
Sep. 30, 2012
INCOME TAXES: |
INCOME TAXES: |
10. INCOME TAXES: The components of income tax expense from operations for fiscal 2012 and fiscal 2011 consisted of the following:
|  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
Current: Federal |  | $ | 3,731,414 |  | $ | 3,754,455 |
Current: State |  |  | 620,164 |  |  | 662,083 |
|  |  | 4,351,578 |  |  | 4,416,538 |
Deferred: Federal |  |  | 625,137 |  |  | 1,711,375 |
Deferred: State |  |  | 56,285 |  |  | 154,087 |
|  |  | 681,422 |  |  | 1,865,462 |
Income tax expense |  | $ | 5,033,000 |  | $ | 6,282,000 |
The difference between the Company's income tax expense in the accompanying consolidated financial statements and that which would be calculated using the statutory income tax rate of 35% for both fiscal 2012 and fiscal 2011 on income before income taxes is as follows:
|  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
Tax at statutory rate |  | $ | 4,340,196 |  | $ | 5,021,112 |
Amortization of goodwill and other intangibles |  |  | (5,207 | ) |  | (5,207 | )
Nondeductible business expenses |  |  | 339,872 |  |  | 1,071,984 |
State income taxes, net of federal tax benefit |  |  | 418,316 |  |  | 479,883 |
Valuation allowance, net operating losses |  |  | (4,389 | ) |  | (165,460 | )
Other |  |  | (55,788 | ) |  | (120,312 | )
|  | $ | 5,033,000 |  | $ | 6,282,000 |
Temporary differences between the financial statement carrying balances and tax basis of assets and liabilities giving rise to the net deferred tax asset (liabilities) at fiscal year ends 2012 and 2011 relate to the following:
|  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | ---
Deferred tax assets: |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 427,450 |  | $ | 425,373 |
Accrued expenses |  |  | 1,208,999 |  |  | 1,095,108 |
Inventory |  |  | 457,844 |  |  | 460,684 |
Other |  |  | 92,384 |  |  | 8,392 |
|  |  | 2,186,677 |  |  | 1,989,557 |
Noncurrent: |  |  |  |  |  |  |
Property and equipment |  | $ | 93,428 |  | $ | 198,907 |
Net operating loss carry forwards—federal |  |  | 425,884 |  |  | 471,926 |
Net operating loss carry forwards—state |  |  | 623,434 |  |  | 627,823 |
|  |  | 1,142,746 |  |  | 1,298,656 |
Total deferred tax assets |  |  | 3,329,423 |  |  | 3,288,213 |
Valuation allowance |  |  | (613,188 | ) |  | (617,577 | )
Net deferred tax assets |  | $ | 2,716,235 |  | $ | 2,670,636 |
Deferred tax liabilities: |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |
Trade discounts |  | $ | 270,058 |  | $ | 281,668 |
|  |  | 270,058 |  |  | 281,668 |
Noncurrent: |  |  |  |  |  |  |
Property and equipment |  |  | 2,165,674 |  |  | 1,729,853 |
Goodwill |  |  | 968,024 |  |  | 886,943 |
Intangible assets |  |  | 1,029,250 |  |  | 807,521 |
|  |  | 4,162,948 |  |  | 3,424,317 |
Total deferred tax liabilities |  | $ | 4,433,006 |  | $ | 3,705,985 |
Net deferred tax assets (liabilities): |  |  |  |  |  |  |
Current |  | $ | 1,916,619 |  | $ | 1,707,889 |
Noncurrent |  |  | (3,633,390 | ) |  | (2,743,238 | )
|  | $ | (1,716,771 | ) | $ | (1,035,349 | )
At September 2012, the Company had a $0.4 million noncurrent deferred tax asset related to federal net operating loss carryforwards. These federal net operating loss carryforwards totaled approximately $1.3 million and were primarily attributable to the Company's fiscal 2002 purchase of Hawaiian Natural Water Company, Inc. ("HNWC"), a wholly owned subsidiary of the Company. The utilization of HNWC's net operating losses is limited by Internal Revenue Code Section 382 to approximately $0.1 million per year through 2022. At September 2012, the Company had a valuation allowance of approximately $0.6 million against certain state net operating losses, which more likely than not will not be utilized. The Company had no material unrecognized tax benefits, interest, or penalties during either fiscal 2012 or fiscal 2011, and the Company does not anticipate any such items during the next twelve months. The Company's policy is to record interest and penalties directly related to income taxes as income tax expense in the Consolidated Statements of Operations. The Company files income tax returns in the U.S. and various states and the tax years 2009 and forward remain open under U.S. and state statutes.

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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 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 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=6881521&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 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: 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 6: 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 7: 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 8: 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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