XML 56 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
 12 Months Ended
Mar. 31, 2013
Income Tax Disclosure [Abstract]  
Income Taxes
(6)           Income Taxes
 
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.  The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows (in thousands):
 
   
March 31,
   
2013
  
2012
Deferred tax assets:
            
Bad debt and inventory reserves
   $ 31     $ 26  
Accrued expenses
     608       535  
Deferred stock compensation
     244       331  
Net operating loss carryforward
     152       250  
                 
Deferred tax assets
     1,035       1,142  
Less: valuation allowance
     -       -  
                 
Total deferred tax assets
     1,035       1,142  
                 
Deferred tax liabilities:
                
Property and equipment
     (221 )     (404 )
                 
Total net deferred taxes
   $ 814     $ 738  
 
There was no change in the valuation allowance which was $0 for both the fiscal years ended March 31, 2013 and 2012.  At March 31, 2013, the Company had federal net operating loss carryforwards of approximately $409,000.  The federal net operating loss carryforwards expire in the year 2020.  The use of such net operating loss carryforwards is limited to approximately $266,000 annually due to a change of control on November 22, 2000.
 
The components of the income tax provision consist of the following (in thousands):
 
      Year Ended March 31,
   
2013
  
2012
  
2011
                   
Current taxes
                  
Federal
   $ 9,588     $ 9,138     $ 11,007  
State
     913       870       1,052  
Total current taxes
     10,501       10,008       12,059  
                         
Deferred taxes
                        
Federal
     (329 )     (270 )     317  
State
     (31 )     (26 )     30  
Total deferred taxes
     (360 )     (296 )     347  
                         
Total provision for income taxes
   $ 10,141     $ 9,712     $ 12,406  
 
The reconciliation of income tax provision computed at the U.S. federal statutory tax rates to income tax expense is as follows (in thousands):
 
    Year Ended March 31,  
   
2013
  
2012
  
2011
                         
Income taxes at U.S. statutory rates
   $ 9,557     $ 9,230     $ 11,647  
State income taxes, net of federal tax benefit
     562       540       714  
Permanent differences
     (74 )     (68 )     (64 )
Other
     96       10       109  
                         
Total provision for income taxes
   $ 10,141     $ 9,712     $ 12,406