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INCOME TAXES (Tables)

12 Months Ended

Apr. 27, 2014

Income Tax Disclosure [Abstract]

Schedule of Allocation of Income Tax Expense

Total income tax expense was allocated as follows:

(dollars in thousands)		2014				2013				2012
income from operations		$	1,596				1,972				902
shareholders' equity, related to
the tax benefit arising from stock
based compensation			(143	)			(76	)			(64	)
		$	1,453				1,896				838

Schedule of Income Tax Expense Attributable to Income from Operations

Income tax expense attributable to income from operations consists of:

(dollars in thousands)		2014				2013				2012
current
federal		$	-				-				79
state			-				19				-
foreign			3,323				2,297				2,505
			3,323				2,316				2,584
deferred
federal			1,065				192				727
state			416				14				55
undistributed earnings - foreign subsidiaries			(5,018	)			7,011				-
U.S. operating loss carryforwards			1,838				3,665				1,102
foreign			(42	)			608				143
valuation allowance			14				(11,834	)			(3,709	)
			(1,727	)			(344	)			(1,682	)
		$	1,596				1,972				902

Schedule of Income (Loss) before Income Taxes related to Foreign and U.S. Operations

Income (loss) before income taxes related to the company’s foreign and U.S. operations consists of:

(dollars in thousands)		2014				2013				2012
Foreign
China		$	11,512				10,593				9,130
Canada			2,149				2,075				2,098
Poland			(370	)			(630	)			(714	)
Total Foreign			13,291				12,038				10,514
United States			5,752				8,251				3,684
		$	19,043				20,289				14,198

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

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

		2014				2013				2012
federal income tax rate			34.0	%			34.0	%			34.0	%
foreign tax rate differential			(7.2	)			(6.7	)			(8.8	)
increase in tax reserves			4.3				4.0				6.1
undistributed earnings from foreign subsidiaries			(26.3	)			34.6				-
change in valuation allowance			0.1				(58.3	)			(26.1	)
other			3.5				2.1				1.2
			8.4	%			9.7	%			6.4	%

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)		2014				2013
deferred tax assets:
accounts receivable		$	274				376
inventories			1,801				1,689
compensation			3,200				3,049
liabilities and other			1,109				700
alternative minimum tax credit			1,320				1,320
property, plant and equipment (1)			572				758
loss carryforwards - U.S.			17,161				19,842
loss carryforwards - foreign			311				241
unrecognized tax benefits - U.S.			(9,778	)			(8,976	)
valuation allowances			(977	)			(963	)
total deferred tax assets			14,993				18,036
deferred tax liabilities:
undistributed earnings on foreign subsidiaries			(1,993	)			(7,011	)
property, plant and equipment (2)			(4,581	)			(4,653	)
goodwill			(1,028	)			(849	)
other			(134	)			(136	)
total deferred tax liabilities			(7,736	)			(12,649	)
Net deferred tax asset		$	7,257				5,387

(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)		2014				2013				2012
beginning balance		$	13,166				12,462				11,739
increases from prior period tax positions			756				812				852
decreases from prior period tax positions			(182	)			(108	)			(129	)
increases from current period tax positions			-				-				-
ending balance		$	13,740				13,166				12,462

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