Income Taxes (Tables)

12 Months Ended

Jul. 31, 2016

Income Taxes

Schedule of provision for income taxes

	Year Ended July 31,
	2016				2015				2014
	Current		Deferred		Current		Deferred		Current		Deferred
United States:
Federal	$	29,392,000	$	(216,000)	$	24,602,000	$	(425,000)	$	22,119,000	$	(896,000)
State		4,433,000		(153,000)		3,920,000		(218,000)		3,710,000		(348,000)
International		1,863,000		(1,341,000)		1,165,000		(806,000)		735,000		26,000
Total	$	35,688,000	$	(1,710,000)	$	29,687,000	$	(1,449,000)	$	26,564,000	$	(1,218,000)

Schedule of geographic components of income before income taxes

	Year Ended July 31,
	2016		2015		2014
United States	$	92,744,000	$	73,645,000	$	67,288,000
International		1,187,000		2,546,000		1,323,000
Total	$	93,931,000	$	76,191,000	$	68,611,000

Schedule of reconciliation of differences in effective tax rate from the United States statutory tax rate

	Year Ended July 31,
	2016		2015		2014
Expected statutory tax	35.0	%	35.0	%	35.0	%
Differential attributable to:
Foreign operations	0.6	%	1.2	%	(0.1)	%
State and local taxes	3.2	%	3.4	%	3.2	%
Domestic production deduction	(2.3)	%	(2.4)	%	(2.3)	%
Acquisition related items, net (a)	—	%	(1.6)	%	0.7	%
Loss on sale of business	—	%	1.1	%	—	%
R&E tax credit	(1.1)	%	(0.5)	%	(0.3)	%
Change in foreign tax rates	(0.4)	%	—	%	—	%
Other	1.2	%	0.9	%	0.7	%
Consolidated effective tax rate	36.2	%	37.1	%	36.9	%

(a) Acquisition related items, net, consisted of non-deductible transaction costs net of non-taxable, favorable fair value adjustments of contingent liabilities, as more fully described in Note 6 to the Consolidated Financial Statements.

Schedule of deferred income tax assets and liabilities

	July 31,
	2016		2015
Deferred tax assets:
Accrued expenses	$	5,140,000	$	3,650,000
Inventories		2,990,000		1,996,000
Accounts receivable		793,000		941,000
Other long-term liabilities		252,000		690,000
Stock-based compensation		3,665,000		2,640,000
Capital investment		546,000		546,000
Domestic NOLs		—		498,000
Foreign NOLs		5,154,000		4,861,000
Subtotal		18,540,000		15,822,000
Valuation allowance		(2,334,000)		(2,037,000)
		16,206,000		13,785,000
Deferred tax liabilities:
Property and equipment		(8,089,000)		(6,154,000)
Intangible assets		(19,818,000)		(14,711,000)
Goodwill		(11,878,000)		(10,409,000)
		(39,785,000)		(31,274,000)
Net deferred tax liabilities	$	(23,579,000)	$	(17,489,000)
Reported in Consolidated Balance Sheets as:
Deferred income taxes - current asset	$	—	$	6,233,000
Deferred income taxes - noncurrent liability		(23,579,000)		(23,722,000)
	$	(23,579,000)	$	(17,489,000)

Schedule of reconciliation of the beginning and ending amounts of gross unrecognized tax benefits

	Unrecognized
	Tax Benefits
Unrecognized tax benefits on July 31, 2013	$	124,000
Activity during fiscal 2014		(124,000)
Unrecognized tax benefits on July 31, 2014		—
Activity during fiscal 2015		—
Unrecognized tax benefits on July 31, 2015		—
Activity during fiscal 2016		—
Unrecognized tax benefits on July 31, 2016	$	—