Income Taxes (Tables)

12 Months Ended

Mar. 31, 2015

Provision for Income Taxes (Benefit) Expense

The Company’s provision for income tax (benefit) expense for fiscal 2015 and fiscal 2014 was as follows:

	2015			2014
	(In thousands)
Current:
Federal	$	(308	)	$	(450	)
Foreign, state and other		55			(484	)
Prior year federal and state, with interest		1714			0
Uncertain tax positions, federal and state		480			0
Deferred:
Federal		672			(467	)
Foreign, state and other		454			(68	)
Provision for income tax (benefit) expense	$	3,067		$	(1,469	)

Effective Rate Reflected in Provision for Income Taxes and Amounts Determined by Applying Statutory Federal Rate

The difference between the effective rate reflected in the provision for income taxes and the amounts determined by applying the statutory federal rate of 34% to earnings before income taxes for fiscal March 2015 and fiscal 2014 is analyzed below:

	2015			2014
	(In thousands)
Statutory provision	$	1,702		$	(52	)
Foreign subsidiary		(798	)		(1,009	)
State taxes		336			(529	)
Permanent differences		61			304
Prior year taxes		1,193			0
True up to prior year taxes		(226	)		(158	)
Valuation allowance		0			(234	)
Increase in Uncertain Tax Positions		480			0
NOL Adjustments		319			209
Provision for income tax (benefit) expense	$	3,067		$	(1,469	)

Components of Deferred Tax Assets and Liabilities

As of March 31, 2015 and March 31, 2014, the significant components of the Company’s deferred tax assets and liabilities were as follows:

	2015		2014
	(In thousands)
Deferred tax assets:
Current:
Accounts receivable reserves	$	484	$	842
Inventory reserves		411		401
Accruals		67		151
Total current deferred tax assets		962		1,394
Non-current:
Property, plant and equipment		522		669
Net operating loss and credit carry forwards		536		1,084
Total non-current deferred tax assets		1,058		1,753
Total deferred tax assets		2,020		3,147
Deferred tax liabilities:
Non-current:
Uncertain tax position				0
Total deferred tax liabilities				0
Net deferred tax assets	$	2,020	$	3,147

State Net Operating Loss

The Company has $0.3 million of state NOLs as of March 31, 2015 as follows (in millions $):

Loss Year (Fiscal)	Included in DTA		Expiration Year (Fiscal)
2014	$	0.3 million		2034

Reconciliation of Changes in Uncertain Tax Positions

A reconciliation of the Company’s changes in uncertain tax positions from April 1, 2014 to March 31, 2015 is as follows:

	In 000’s
Total amount of unrecognized tax benefits as of April 1, 2013	$	121
Gross increases in unrecognized tax benefits as a result of tax positions taken during a prior period		223
Gross decreases in unrecognized tax benefits as a result of tax positions taken during a prior period		—
Gross increases in unrecognized tax benefits as a result of tax positions taken during the current period		257
Gross decreases in unrecognized tax benefits as a result of tax positions taken during the current period		—
Decreases in unrecognized tax benefits relating to settlements with taxing authorities		—
Reductions to unrecognized tax benefits as a result of lapse of statute of limitations		(121	)
Total amount of unrecognized tax benefits as of March 31, 2015		480