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INCOME TAXES (Tables)

12 Months Ended

Apr. 28, 2013

Schedule of Allocation of Income Tax Expense (Benefit)

Total income tax expense (benefit) was allocated as follows:

(dollars in thousands)		2013				2012				2011
income from operations		$	1,972				902				(1,102	)
shareholders’ equity, related to
the tax benefit arising from the
exercise of stock options			(76	)			(64	)			(339	)
		$	1,896				838				(1,441	)

Schedule of Income Tax Expense (Benefit) Attributable to Income from Operations

Income tax expense (benefit) attributable to income from operations consists of:

(dollars in thousands)		2013				2012				2011
current
federal		$	-				79				(79	)
state			19				-				-
foreign			2,297				2,505				2,367
			2,316				2,584				2,288
deferred
federal			192				727				1,805
state			14				55				142
undistributed earnings – foreign subsidiaries			7,011				-				-
U.S. operating loss carryforwards			3,665				1,102				1,241
foreign			608				143				89
USD election for Canadian returns			-				-				(315	)
valuation allowance			(11,834	)			(3,709	)			(6,352	)
			(344	)			(1,682	)			(3,390	)
		$	1,972				902				(1,102	)

Summary of Differences in Income Tax Expense (Benefit) at Federal Income Tax Rate and Effective Income Tax Rate

The following schedule summarizes the principal differences between the income tax expense (benefit) at the federal income tax rate and the effective income tax rate reflected in the consolidated financial statements:

		2013				2012				2011
federal income tax rate			34.0	%			34.0	%			34.0	%
foreign tax rate differential			(6.7	)			(8.8	)			(6.5	)
increase in tax reserves			4.0				6.1				8.8
undistributed earnings from foreign subsidiaries			34.6				-				-
non-deductible stock option expense			-				-				1.0
USD election for Canadian returns			-				-				(2.1	)
change in valuation allowance			(58.3	)			(26.1	)			(42.2	)
other			2.1				1.2				(0.3	)
			9.7	%			6.4	%			(7.3	)%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities consist of the following:

(dollars in thousands)		2013				2012
deferred tax assets:
accounts receivable		$	376				301
inventories			1,689				1,738
compensation			3,049				2,107
liabilities and other			700				523
alternative minimum tax credit			1,320				1,320
property, plant and equipment (1)			758				1,001
loss carryforwards – U.S.			19,842				23,472
loss carryforwards – foreign			241				115
unrecognized tax benefits – U.S.			(8,976	)			(8,298	)
valuation allowances			(963	)			(12,797	)
total deferred tax assets			18,036				9,482
deferred tax liabilities:
undistributed earnings on foreign subsidiaries			(7,011	)			-
property, plant and equipment (2)			(4,653	)			(3,715	)
other			(985	)			(800	)
total deferred tax liabilities			(12,649	)			(4,515	)
Net deferred tax asset		$	5,387				4,967

(1) Pertains to the company’s operations located in China.

(2) Pertains to the company’s operations located in the U.S. and Canada.

Schedule of Unrecognized Tax Benefit

The following table sets forth the change in the company’s unrecognized tax benefit:

(dollars in thousands)		2013				2012				2011
beginning balance		$	12,462				11,739				10,135
increases from prior period tax positions			812				852				1,799
decreases from prior period tax positions			(108	)			(129	)			(195	)
increases from current period tax positions			-				-				-
ending balance		$	13,166				12,462				11,739

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