Income Taxes (Tables)

12 Months Ended

Mar. 31, 2013

Income Taxes [Abstract]

Components of income tax expense

The components of income tax expense for the years ended March 31 consist of the following:

	2013		2012			2011
Income tax provision:
Current:
U.S. and State	$	15,000	$	16,000		$	3,000
Foreign		31,000		35,000			33,000
Deferred:
Foreign		5,000		(3,000	)		(7,000	)
Total income tax expense	$	51,000	$	48,000		$	29,000

Income tax expense differs from statutory federal income tax benefit

Actual income tax expense differs from statutory federal income tax benefit for the years ended March 31 as follows:

	2013			2012			2011
Statutory federal income tax benefit	$	(1,111,000	)	$	(1,429,000	)	$	(1,571,000	)
State tax benefit, net of federal taxes		(82,000	)		(91,000	)		(113,000	)
Foreign tax		(27,000	)		(35,000	)		(25,000	)
Nondeductible expenses		111,000			75,000			50,000
Stock compensation tax shortfall		(155,000	)		-			-
Subpart F Income		33,000			35,000			43,000
Undistributed foreign earnings		-			9,000			137,000
Foreign tax credits		-			-			(33,000	)
Valuation allowance increase		1,035,000			1,210,000			583,000
Expiration and adjustments of NOL's		-			-			757,000
Other		247,000			274,000			201,000
Total income tax expense	$	51,000		$	48,000		$	29,000

Deferred tax assets (liabilities)

Deferred taxes at March 31 consist of the following:

	2013			2012
Deferred tax assets (liabilities):
Depreciation	$	88,000		$	(52,000	)
Amortization		121,000			(175,000	)
Pension liability		140,000			105,000
Stock based compensation		981,000			1,018,000
Other reserves and accruals		169,000			189,000
Undistributed foreign earnings		(288,000	)		(302,000	)
Foreign tax credits		68,000			68,000
Net operating losses		11,050,000			10,420,000
	$	12,329,000		$	11,271,000
Less valuation allowance		(12,183,000	)		(11,148,000	)
	$	146,000		$	123,000