v2.4.1.9

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Pretax Earnings (Loss)

Pretax earnings (loss) for the years ended December 31, 2014, 2013 and 2012 were taxed in the following jurisdictions:

		Year Ended December 31,
		2014				2013				2012
		(In thousands)
Domestic		$	869			$	648			$	(807	)
Foreign			(1,344	)			(1,142	)			(1,788	)
		$	(475	)		$	(494	)		$	(2,595	)

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes in each of 2014, 2013 and 2012 is summarized below:

		Year Ended December 31,
		2014				2013				2012
		(In thousands)
Current
Federal		$	74			$	—			$	—
State			79				90				61
Foreign			(14	)			1				(409	)
			139				91				(348	)
Deferred
Federal			168				216				(171	)
State			34				87				—
Foreign			(293	)			(251	)			(62	)
			(91	)			52				(233	)
		$	48			$	143			$	(581	)

Components of Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) were comprised of the following at December 31:

		2014				2013
		(In thousands)
Deferred tax assets
Inventory		$	1,112			$	1,155
Bad debt provision			47				60
Property and equipment			81				95
Deferred credits			1,280				1,280
Loss carryforwards			1,203				1,031
Rent			121				148
Other			802				812
Gross deferred tax assets			4,646				4,581
Less valuation allowance(2)			(1,354	)			(1,369	)
			3,292				3,212
Deferred tax liabilities
Property and equipment			(79	)			(84	)
Unremitted earnings of foreign affiliates			(29	)			(53	)
Gross deferred tax liabilities			(108	)			(137	)
Net deferred tax assets(1)		$	3,184			$	3,075

(1) $1,755,000 and $1,849,000 of the total deferred tax assets at December 31, 2014 and 2013 were included in current assets and $1,429,000 and $1,226,000 were included in other long-term assets at December 31, 2014 and 2013, respectively.

(2) The deferred tax valuation allowance decreased by $15,000 during 2014 and $7,000 during 2013.

Reconciliation between Actual Tax Expense (Benefit) and Expected Tax Expense (Benefit)

Set forth below is a reconciliation between actual tax expense (benefit) and expected tax expense (benefit) for the respective periods presented below:

		Year Ended December 31,
		2014				2013				2012
		(In thousands)
Loss before income taxes		$	(475	)		$	(494	)		$	(2,595	)
Expected income tax expense at 34%		$	(162	)		$	(168	)		$	(882	)
Difference in rates on earnings of foreign operations			185				148				83
Stock-based compensation and other nondeductible expenses			43				33				27
State taxes and credits (net of federal benefit)			63				134				50
Change in valuation allowance			(15	)			(7	)			—
Unremitted earnings of foreign subsidiaries			(24	)			(5	)			(19	)
Exclusion of earnings of foreign affiliates			(30	)			(22	)			(54	)
Foreign dividend			—				—				192
Shortfall on vested restricted shares that exceed pool of windfall tax benefits			—				32
Intercompany profit elimination			(14	)			—				—
Other			2				(2	)			22
Income tax provision (benefit)		$	48			$	143			$	(581	)

Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits

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

Unrecognized Tax Benefits (in thousands):		2014				2013
Balance as of January 1,		$	273			$	263
Additions for tax positions related to the current year			3				10
Additions for tax positions related to prior years			15				—
Reductions for tax positions of prior years			(37	)			—
Balance as of December 31,		$	254			$	273

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.

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