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INCOME TAXES (Tables)

12 Months Ended

May 01, 2016

Income Tax Disclosure [Abstract]

Schedule of Allocation of Income Tax Expense

Total income tax expense was allocated as follows:

(dollars in thousands)		2016				2015				2014
income from operations		$	10,963				7,885				1,596
shareholders’ equity, related to the tax benefit arising from stock based compensation			(841	)			(109	)			(143	)
		$	10,122				7,776				1,453

Schedule of Income Tax Expense Attributable to Income from Operations

Income tax expense attributable to income from operations consists of:

(dollars in thousands)		2016				2015				2014
current
federal		$	-				-				-
state			6				(7	)			-
foreign			6,765				4,713				3,323
			6,771				4,706				3,323
deferred
federal			(1,205	)			(849	)			1,065
state			305				(52	)			416
undistributed earnings – foreign subsidiaries			(1,129	)			(260	)			(5,018	)
U.S. operating loss carryforwards			5,467				4,487				1,838
foreign			1,086				(92	)			(42	)
valuation allowance			(332	)			(55	)			14
			4,192				3,179				(1,727	)
		$	10,963				7,885				1,596

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)		2016				2015				2014
Foreign
China		$	14,130				12,531				11,512
Canada			3,647				2,695				2,149
Poland			(62	)			(260	)			(370	)
Total Foreign			17,715				14,966				13,291
United States			10,183				7,990				5,752
		$	27,898				22,956				19,043

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:

		2016				2015				2014
federal income tax rate			34.0	%			34.0	%			34.0	%
tax effects of Chinese foreign exchange gains			4.4				0.3				(1.3	)
change in valuation allowance			(1.2	)			(0.2	)			0.1
change in North Carolina income tax rates			0.7				-				1.8
undistributed earnings from foreign subsidiaries			-				-				(26.3	)
other			1.4				0.2				0.1
			39.3	%			34.3	%			8.4	%

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)		2016				2015
deferred tax assets:
accounts receivable		$	545				444
inventories			2,660				2,251
compensation			5,311				4,497
liabilities and other			1,173				1,155
foreign income tax credits - U.S.			1,436				-
alternative minimum tax credit - U.S.			1,320				1,320
property, plant and equipment (1)			326				447
loss carryforwards – U.S.			6,888				12,133
loss carryforwards – foreign			147				361
unrecognized tax benefits – U.S.			(6,888	)			(10,349	)
valuation allowances			(590	)			(922	)
total deferred tax assets			12,328				11,337
deferred tax liabilities:
undistributed earnings on foreign subsidiaries			(604	)			(1,733	)
unrecognized tax benefits – U.S.			(4,168	)			-
property, plant and equipment (2)			(5,210	)			(4,022	)
goodwill			(1,325	)			(1,197	)
other			(185	)			(198	)
total deferred tax liabilities			(11,492	)			(7,150	)
Net deferred tax asset		$	836				4,187

(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)		2016				2015				2014
beginning balance		$	14,141				13,740				13,166
increases from prior period tax positions			454				588				756
decreases from prior period tax positions			(77	)			(187	)			(182	)
increases from current period tax positions			379				-				-
ending balance		$	14,897				14,141				13,740

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