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Income Taxes
 3 Months Ended
Jan. 24, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5 – Income Taxes:

 

The Company’s effective tax rate was 28.9% and 29.2% for the first quarter of fiscal years 2025 and 2024, respectively. The effective tax rate for the first quarter of fiscal year 2025 reflects the impact of $453 of tax benefit.

 

As of January 24, 2025, the Company did not have any valuation allowance against its federal net deferred tax assets. Management reevaluated the need for a valuation allowance at the end of 2022 and determined that some of its California net operating losses (“NOL”) may not be utilized. Therefore, a valuation allowance of $99 has been retained for such portion of the California NOL. As of January 24, 2025, the Company had NOL carryforwards of approximately $0 for federal and $5,000 for state purposes. The state loss carryforwards will expire at various dates through 2040.

 

Our federal income tax returns are open to audit under the statute of limitations for the fiscal years 2021 through 2023. We are subject to income tax in Texas and various other state taxing jurisdictions. Our state income tax returns are open to audit under the statute of limitations for the fiscal years 2020 through 2023.