Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Provision for Income Tax Expense

The Company’s provision for income tax expense for fiscal 2019 and fiscal 2018 was as follows:

	2019			2018
	(In thousands)
Current:
Federal	$	(437	)	$	3,071
Foreign, state and other		6			8
Prior year federal and state, with interest		—			119
Deferred:
Federal		69			272
Foreign, state and other		10			(9	)
(Benefit) provision for income tax expense	$	(352	)	$	3,461

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 21% to earnings before income taxes for fiscal 2019 and 31% for fiscal 2018 is analyzed below

	2019			2018
	(In thousands)
Statutory provision	$	(553	)	$	(1,044	)
Foreign subsidiary		(36	)		(80	)
State taxes		(219	)		91
Permanent differences		39			1
Effect of new rate per Tax Act on deferred tax asset		—			325
Adjustment to prior year taxes		(449	)		(106	)
Federal taxes on Section 965		—			3,121
Valuation allowance		917			160
Utilization of NOL on Section 965		—			997
NOL Adjustments		(51	)		(4	)
(Benefit) provision for income tax expense	$	(352	)	$	3,461

Components of Deferred Tax Assets Classified as Non-Current

As of March 31, 2019 and March 31, 2018, the significant components of the Company’s deferred tax assets which were classified as non-current, were as follows:

	2019			2018
	(In thousands)
Deferred tax assets:
Accounts receivable reserves	$	41		$	86
Inventory reserves		159			125
Accruals		21			43
Property, plant and equipment and intangible assets		227			262
Net operating loss and credit carry forwards		1,365			460
Valuation allowance		(1,365	)		(448	)
Total deferred tax assets	$	448		$	528

State Net Operating Loss

The Company has $10.5 million of state NOLs as of March 31, 2019 as follows

Loss Year (Fiscal)	Included in DTA	Expiration Year (Fiscal)
2014	$2.4 million		2034
2017	$0.9 million		2036
2018	$4.0 million	2037
2019	$3.2 million	2038