Income Taxes

9 Months Ended

Mar. 26, 2023

Income Taxes [Abstract]

Income Taxes

Note G - Income Taxes

For the three and nine months ended March 26, 2023, the Company recorded an income tax expense of $115 thousand and $347 thousand, respectively. For the three and nine months ended March 27, 2022, the Company recorded an income tax expense of $3 thousand and $10 thousand, respectively. For the three months ended March 26, 2023, the federal and state tax expense were $91 thousand and $24 thousand, respectively. For the nine months ended March 26, 2023, the federal and state tax expense were $272 thousand and $75 thousand, respectively.

The Company continually reviews the realizability of its deferred tax assets, including an analysis of factors such as future taxable income, reversal of existing taxable temporary differences, and tax planning strategies. In assessing the need for the valuation allowance, the Company considers both positive and negative evidence related to the likelihood of realization of deferred tax assets.