Income Taxes (Tables)

12 Months Ended

Jun. 30, 2014

Schedule of income before income tax, domestic and foreign

The components of income before the provision for income taxes are as follows:

	2014		2013		2012
Domestic operations	$	30,884	$	21,181	$	16,418
Foreign operations		13,790		13,369		8,322
	$	44,674	$	34,550	$	24,740

Schedule of components of provision for income taxes

The components of the provision for income taxes are as follows:

	2014			2013			2012
Federal:
Current	$	12,720		$	9,428		$	6,533
Deferred		(2,728	)		(2,011	)		(1,476	)
State and local:
Current		1,547			1,568			716
Deferred		(113	)		(628	)		(277	)
Foreign:
Current		4,490			3,875			2,287
Deferred		(242	)		(10	)		(24	)
	$	15,674		$	12,222		$	7,759

Schedule of tax effects of temporary differences that give rise to the deferred tax assets and liabilities

The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at June 30, 2014 and 2013 are presented below:

	2014			2013
Deferred tax assets:
Accrued environmental remediation liabilities not currently deductible	$	-		$	102
Accrued deferred compensation		2,970			2,791
Accrual for sales deductions not currently deductible		5,901			2,989
Additional inventoried costs for tax purposes		236			206
Allowance for doubtful accounts receivable		87			139
Depreciation and amortization		6,074			2,690
Accrual for payments to former senior management and other personnel related costs		126			57
Contingent consideration		1,313			1,949
Foreign deferred tax assets		477			246
Domestic net operating loss carryforwards		158			200
Foreign net operating loss carryforwards		857			758
Total gross deferred tax assets		18,199			12,127
Valuation allowances		(1,015	)		(958	)
		17,184			11,169

Deferred tax liabilities:
Foreign deferred tax liabilities		(6	)		(6	)
Goodwill		(4,627	)		(2,306	)
Accrued environmental remediation liabilities not currently deductible		(216	)		-
Other		(246	)		(107	)
Total gross deferred tax liabilities		(5,095	)		(2,419	)

Net deferred tax assets	$	12,089		$	8,750

Schedule of current and non current deferred tax assets (liabilities)

The following table shows the current and non current deferred tax assets (liabilities) at June 30, 2014 and 2013:

	2014			2013
Current deferred tax assets, net	$	490		$	701
Non-current deferred tax assets, net		11,605			8,055
Current deferred tax liabilities		-			-
Non current deferred tax liabilities		(6	)		(6	)
Net deferred tax assets	$	12,089		$	8,750

Schedule of reconciliation of the statutory federal income tax rate and the effective tax rate for continuing operation

A reconciliation of the statutory federal income tax rate and the effective tax rate for continuing operations for the fiscal years ended June 30, 2014, 2013 and 2012 follows:

	2014			2013			2012
Federal statutory tax rate		35.0	%		35.0	%		35.0	%
State and local taxes, net of federal income tax benefit		2.5			3.0			3.0
Decrease (increase) in valuation allowance		(0.1	)		-			0.2
Foreign tax rate differential		(1.1	)		(2.1	)		(3.0	)
Impact of repatriation of non-US earnings		-			-			(2.1	)
Other		(1.2	)		(0.5	)		(1.7	)
Effective tax rate		35.1	%		35.4	%		31.4	%