Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense (benefit)
The Company files a consolidated federal income tax return based on a June 30 tax year end. The (benefit) expense from provision for income taxes for the years ended June 30, 2018 and 2017 consists of the following:
in thousands
 
Year Ended
 
Years Ended June 30,
 
2018
 
2017
 
Current:
 
 
 
 
 
Federal
 
42

 
13,642

 
State and local
 
(96
)
 
879

 
Foreign
 
(27
)
 
(20
)
 
 
 
(81
)
 
14,501

 
Deferred:
 
 
 
 
 
Federal
 
361

 
(10,117
)
 
State and local
 
(272
)
 
(663
)
 
 
 
89

 
(10,780
)
 
 
 
 
 
 
 
Provision for income taxes
 
$
8

 
$
3,721

 
 
 
 
 
 
 
Income (loss) from operations before provision for income taxes is shown below:
in thousands
 
Year Ended
 
Years Ended June 30,
 
2018
 
2017
 
U.S.
 
$
(3,446
)
 
$
10,745

 
Foreign
 
35

 
40

 
Net (loss) income before provision for income taxes
 
$
(3,411
)
 
$
10,785

 
 
 
 
 
 
 
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 (28.06% for 2018, and 35% for 2017) to income before income tax provisions for the years ended June 30, 2018 and 2017, are set forth below:
in thousands
 
 
 
 
 
Years Ended June 30,
 
2018
 
2017
 
Federal income tax
 
$
(957
)
 
$
3,775

 
State tax, net of federal benefit
 
(98
)
 
210

 
Uncertain tax positions
 
(50
)
 
(147
)
 
Change in valuation allowance
 
(56
)
 
12

 
Tax Act
 
1,244

 
—

 
Other
 
(75
)
 
(129
)
 
Provision for income taxes
 
$
8

 
$
3,721

 
 
 
 
 
 
 
Schedule of deferred taxes presented below summarizes the components of deferred taxes
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, 2018 and June 30, 2017:
in thousands
 
 
 
 
 
 
June 30, 2018
 
June 30, 2017
Accrued compensation
 
$
86

 
$
121

Deferred rent
 
236

 
367

Unrealized loss on open purchase and sale commitments
 
2,351

 
5,026

Stock-based compensation
 
635

 
582

State tax accrual
 
37

 
112

Net operating loss carry forwards
 
1,657

 
705

Other
 
141

 
132

Deferred tax assets
 
5,143

 
7,045

Less: valuation allowances
 
—

 
(56
)
Deferred tax assets after valuation allowances
 
5,143

 
6,989

 
 
 
 
 
Intangible assets
 
(206
)
 
(1,347
)
Unrealized gain on futures and forward contracts
 
(146
)
 
(474
)
Fixed assets
 
(5
)
 
(298
)
Inventories
 
(319
)
 
(454
)
Earnings from equity method investment
 
(283
)
 
(296
)
Investment in Partnership
 
(287
)
 
(161
)
Other
 
(27
)
 
—

Deferred tax liabilities
 
(1,273
)
 
(3,030
)
 
 
 
 
 
Net deferred tax asset
 
$
3,870

 
$
3,959

 
 
 
 
 
Schedule of reconciliation of the net unrecognized tax benefits
Below is a reconciliation of the net unrecognized tax benefits for the years ended June 30, 2018 and June 30, 2017:
in thousands
 
 
 
 
Years Ended June 30,
 
2018
 
2017
 
 
 
 
 
Beginning balance
 
$
197

 
$
280

Reductions due to lapse of statute of limitations
 
(2
)
 
(97
)
Additions as a result of tax positions taken during current period
 
—

 
14

Reductions as a result of tax positions of prior years
 
(48
)
 
—

Ending balance
 
$
147

 
$
197