Income Taxes (Tables)

12 Months Ended

Mar. 31, 2013

Components of Tax Expense (Benefit)

Components of tax expense (benefit) are as follows:

	Year Ended March 31
	2013			2012
Federal
Current	$	2,840,388		$	3,752,504
Deferred		(83,720	)		(90,700	)
		2,756,668			3,661,804
State
Current		252,797			394,292
		252,797			394,292
Total	$	3,009,465		$	4,056,096

Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate

The U.S. federal statutory income tax rate is reconciled to the effective rate as follows:

	Year Ended March 31
	2013			2012
Income Tax Expense at U.S. federal statutory rate		34.0	%		34.0	%
Benefit of tax deduction allowed to manufacturing companies		(3.0	)		(3.0	)
State and local income tax rates net of federal income tax benefit		1.9			2.2
Provision for income taxes		32.9	%		33.2	%

Significant Components of Consolidated Deferred Tax Assets (Liabilities)

Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows:

	March 31
	2013			2012
Deferred tax liabilities:
Depreciation	$	(1,700,000	)	$	(1,756,129	)
Total deferred tax liabilities		(1,700,000	)		(1,756,129	)
Deferred tax assets:
Inventory capitalization		170,000			173,990
LIFO Inventory		785,000			788,145
Postretirement benefits other than pensions		316,000			290,271
Other		66,721			57,724
Total deferred tax assets		1,337,721			1,310,130
Net deferred tax liability	$	(362,279	)	$	(445,999	)