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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2012

Components of Income Tax Expense (Benefit)

Income tax provision (benefit) consists of the following:

		Year Ended
		June 30, 2012				July 2, 2011				July 3, 2010
		(in thousands)
Current income tax provision:
United States		$	1,483			$	34			$	162
Foreign			511				242				496
			1,994				276				658
Deferred income tax (benefit) provision:
United States			(85	)			1,250				(3,588	)
Foreign			306				(780	)			1,526
			221				470				(2,062	)
Total income tax (benefit) provision		$	2,215			$	746			$	(1,404	)

Effective Tax Rate Reconciliation

The Company’s effective tax rate differs from the federal tax rate as follows:

		Year Ended
		June 30, 2012				July 2, 2011				July 3, 2010
		(in thousands)
Federal income tax provision at statutory rates		$	4,706			$	2,205			$	2,477
Foreign tax rate differences			(361	)			(326	)			99
Effect of income tax credits			(2,104	)			(1,249	)			—
Effect of repatriation of foreign earnings, net			—				72				2,158
Effect of change in applied Mexican tax regime			—				—				1,526
Other			288				(86	)			211
Change in valuation allowance			(462	)			130				(7,875	)
Permanent difference			148				—				—
Income tax provision (benefit)		$	2,215			$	746			$	(1,404	)

Components of Income Before Income Taxes

The domestic and foreign components of income before income taxes were:

		Year Ended
		June 30, 2012				July 2, 2011				July 3, 2010
		(in thousands)
Domestic		$	10,666			$	4,048			$	6,117
Foreign			3,175				2,434				1,169
Income before income taxes		$	13,841			$	6,482			$	7,286

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities consist of the following at:

		June 30, 2012				July 2, 2011
		(in thousands)
Deferred tax assets:
Net operating loss carryforwards		$	—			$	4,565
Tax credit carryforwards, net			4,559				3,488
Foreign subsidiaries – future tax credits			2,600				2,445
Inventory			396				224
Accruals			3,069				1,789
Other			740				503
Deferred income tax assets			11,364				13,014
Valuation allowance			(257	)			(720	)
Deferred income tax assets, net of valuation allowance		$	11,107			$	12,294
Deferred tax liabilities:
Foreign subsidiaries – unremitted earnings			(3,138	)			(3,173	)
Fixed assets			(1,157	)			(1,542	)
Other			(2	)			(1,783	)
Deferred income tax liabilities		$	(4,297	)		$	(6,498	)
Net deferred income tax assets		$	6,810			$	5,796
Balance sheet caption reported in:
Current deferred tax asset		$	5,201			$	3,900
Long-term deferred tax asset			2,703				4,219
Long term deferred income tax liability			(1,094	)			(1,542	)
Other long term obligations			—				(781	)
Net deferred income tax asset		$	6,810			$	5,796

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

Balance at July 3, 2010		$	—
Additions in fiscal 2011			781
Balance at July 2, 2011		$	781
Additions in fiscal 2012			2,222
Balance at June 30, 2012		$	3,003

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB

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-Topic 740

-SubTopic 10

-Section 50

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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