Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.7.0.1
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2017
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense (benefit)
Income from operations before provision for income taxes is shown below:
in thousands
 
 
Years Ended June 30,
 
2017
 
2016
U.S.
 
$
10,745

 
$
15,453

Foreign
 
40

 
111

Income before provision for income taxes
 
$
10,785

 
$
15,564

 
 
 
 
 
The Company files a consolidated federal income tax return based on a June 30th tax year end. The provision for (benefit from) income taxes for the years ended June 30, 2017 and 2016 consists of the following:
in thousands
 
 
 
 
 
Years Ended,
June 30, 2017
 
June 30, 2016
 
Current:
 
 
 
 
 
Federal
 
13,642

 
(667
)
 
State and local
 
879

 
100

 
Foreign
 
(20
)
 
52

 
 
 
14,501

 
(515
)
 
Deferred:
 
 
 
 
 
Federal
 
(10,117
)
 
6,325

 
State and local
 
(663
)
 
483

 
 
 
(10,780
)
 
6,808

 
 
 
 
 
 
 
Provision for income taxes
 
$
3,721

 
$
6,293

 
 
 
 
 
 
 
Schedule of effective income tax rate
A reconciliation of the income tax provisions to the amounts computed by applying the statutory federal income tax rate (35% for 2017, and 2016) to income before income tax provisions for the years ended June 30, 2017 and 2016, are set forth below:
in thousands
 
 
 
 
 
Years Ended June 30,
 
2017
 
2016
 
Federal income tax
 
$
3,775

 
$
5,447

 
State tax, net of federal benefit
 
210

 
437

 
Uncertain tax positions
 
(147
)
 
79

 
Change in valuation allowance
 
12

 
(70
)
 
Other
 
(129
)
 
400

 
Provision for income taxes (benefit)
 
$
3,721

 
$
6,293

 
 
 
 
 
 
 
Schedule of Deferred Tax Assets and Liabilities
The schedule of deferred taxes presented below summarizes the components of deferred taxes that have been classified as deferred tax assets and deferred tax liabilities related to taxable temporary differences as of June 30, 2017 and June 30, 2016:
in thousands
 
 
 
 
 
 
June 30, 2017
 
June 30, 2016
Accrued compensation
 
$
121

 
$
110

Deferred rent
 
367

 
194

Unrealized loss on futures and forward contracts
 
—

 
5,179

Unrealized loss on open purchase and sale commitments
 
5,026

 
—

Stock-based compensation
 
582

 
206

State tax accrual
 
112

 
2

Net operating loss carry forwards
 
705

 
929

Other
 
132

 
215

Deferred tax assets
 
7,045

 
6,835

Less: valuation allowances
 
(56
)
 
(44
)
Deferred tax assets after valuation allowances
 
6,989

 
6,791

 
 
 
 
 
Intangible assets
 
(1,347
)
 
(1,221
)
Unrealized gain on open purchase and sale commitments
 
—

 
(7,228
)
Unrealized gain on futures and forward contracts
 
(474
)
 
—

Fixed assets
 
(298
)
 
(87
)
Inventories
 
(454
)
 
(4,815
)
Earnings from equity method investment
 
(296
)
 
(261
)
Investment in Partnership
 
(161
)
 
—

Deferred tax liabilities
 
(3,030
)
 
(13,612
)
 
 
 
 
 
Net deferred tax asset (liability)
 
$
3,959

 
$
(6,821
)
 
 
 
 
 
Schedule of Unrecognized Tax Benefits Roll Forward
Below is a reconciliation of the net unrecognized tax benefits for the years ended June 30, 2017 and 2016:
in thousands
 
 
 
 
Years Ended June 30,
 
2017
 
2016
 
 
 
 
 
Beginning balance
 
$
280

 
$
243

Reductions due to lapse of statute of limitations
 
(97
)
 
(16
)
Additions as a result of tax positions taken during current period
 
14

 
53

Ending balance
 
$
197

 
$
280