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INCOME TAXES

12 Months Ended

Jun. 24, 2012

INCOME TAXES

INCOME TAXES

NOTE E - INCOME TAXES:

Provision for income taxes from continuing operations consists of the following (in thousands):

		Year Ended
		June 24,				June 26,
		2012				2011
Current - Federal		$	310			$	267
Current - State			26				40
Deferred - Federal			67				287
Deferred - State			16				27
Provision for income taxes		$	419			$	621

Included in loss from discontinued operations is $32,000 of tax benefit for each of the fiscal years ended June 24, 2012 and June 26, 2011.

The effective income tax rate varied from the statutory rate for the years ended June 24, 2012 and June 26, 2011 as reflected below (in thousands):

		June 24,				June 26,
		2012				2011
Federal income taxes based on 34%
of pre-tax income		$	269			$	667
State income tax, net of federal effect			28				44
Permanent adjustments			127				84
Foreign tax credits			-				(45	)
Other			(5	)			(129	)
		$	419			$	621

The tax effects of temporary differences that give rise to the net deferred tax assets consisted of the following (in thousands):

		June 24,				June 26,
		2012				2011
Current
Reserve for bad debt		$	88			$	58
Deferred fees			62				67
Other reserves and accruals			625				668
Credit carryforwards			26				29
Net operating loss carryforwards			277				-
			1,078				822
Non Current
Depreciable assets			(699	)			(360	)
Total gross deferred tax asset			379				462
Valuation allowance			-				-
Net deferred tax asset		$	379			$	462

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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 43, 44, 45, 46, 47, 48, 49

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319



Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319



Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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