INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES

Schedule of provision for income taxes based on income before income taxes

  The provision for income taxes is based on income before income taxes as follows (in thousands):

	For the year ended December 31, 2013		For the year ended December 31, 2012
Domestic	$	1,406	$	3,725
Foreign		4,375		3,773
Income before income taxes	$	5,781	$	7,498

Schedule of components of the total provision for income taxes

 Components of the total provision for income taxes are as follows (in thousands):

	For the year ended December 31, 2013			For the year ended December 31, 2012
Current provision
Domestic	$	1,179		$	115
Foreign		898			881
Total current provision		2,077			996
Deferred provision
Domestic		(197	)		1,162
Foreign		(52	)		(57	)
Total deferred provision		(249	)		1,105
Provision for income taxes	$	1,828		$	2,101

Schedule of differences in the provision for income taxes from the amount determined by applying the federal statutory rate

The provision for income taxes differs from the amount determined by applying the federal statutory rate as follows (in thousands):

	For the year ended December 31, 2013			For the year ended December 31, 2012
Tax provision, computed at statutory rate		34.0	%		34.0	%
State tax, net of federal impact		3.7	%		3.3	%
Effect of foreign tax rate differences and foreign tax adjustments		(9.7	)%		(6.0	)%
Dividend from foreign subsidiary, net of foreign tax credit		3.5	%		0.0	%
Adjustments to prior year accruals(1)		0.0	%		(1.9	)%
Other		0.1	%		(1.4	)%
Provision for income taxes		31.6	%		28.0	%

(1)

Adjustments relate to the resolution of certain prior year income tax related matters.

Schedule of tax effects of significant temporary differences and credit and operating loss carryforwards that give rise to the net deferred tax assets and tax liabilities

The tax effects of significant temporary differences and credit and operating loss carryforwards that give rise to the net deferred tax assets and tax liabilities are as follows (in thousands):

	December 31, 2013			December 31, 2012
Current deferred tax assets:
Allowances and other	$	1,315		$	591
Net operating loss and tax credit carryforwards		3,628			98
Total current deferred tax assets		4,943			689
Valuation allowance		(1,982	)		(50	)
Net current deferred tax assets	$	2,961		$	639
Noncurrent deferred tax assets:
Employee benefit plans	$	2,074		$	1,375
Goodwill and Intangibles		1,553			2,916
Property, plant & equipment		(381	)		(188	)
Total noncurrent deferred tax assets	$	3,246		$	4,103
Deferred tax liabilities:
Acquired property, plant and equipment and intangible assets	$	1,997		$	638
Other		330			297
Total deferred tax liabilities	$	2,327		$	935