Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.2.0.727
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2015
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense (benefit)
The provision for (benefit from) income taxes for the years ended June 30, 2015 and 2014 consists of the following:
in thousands
 
 
 
 
 
Years Ended June 30,
 
2015
 
2014
 
Current:
 
 
 
 
 
Federal
 
3,498

 
(1,788
)
 
State and local
 
(464
)
 
130

 
Foreign
 
49

 
—

 
 
 
3,083

 
(1,658
)
 
Deferred:
 
 
 
 
 
Federal
 
(182
)
 
6,405

 
State and local
 
(804
)
 
525

 
 
 
(986
)
 
6,930

 
 
 
 
 
 
 
Provision for income taxes
 
$
2,097

 
$
5,272

 
 
 
 
 
 
 
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 2015, and 2014) to income before income tax provisions for the years ended June 30, 2015 and 2014, are set forth below:
in thousands
 
 
 
 
 
Years Ended June 30,
 
2015
 
2014
 
Federal income tax
 
$
3,202

 
$
4,736

 
State tax, net of federal benefit
 
193

 
212

 
Compensation in excess of $1 million
 
53

 
—

 
Uncertain tax positions
 
(352
)
 
22

 
Reallocation of deferred state net operating loss from Former Parent related to tax settlement
 
(564
)
 
—

 
Valuation allowance
 
(215
)
 
329

 
Other
 
(220
)
 
(27
)
 
Total provision for income taxes
 
$
2,097

 
$
5,272

 
 
 
 
 
 
 
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company's net deferred tax assets and liabilities as of June 30, 2015 and 2014 are as follows:
in thousands
 
 
 
 
June 30,
 
2015
 
2014
Accrued compensation
 
$
102

 
$
236

Deferred rent
 
30

 
—

Unrealized loss on futures and forward contracts
 
—

 
3,170

Unrealized loss on open purchase and sale commitments
 
1,894

 
—

Stock-based compensation
 
159

 
133

State tax accrual
 
23

 
349

Net operating loss carry forwards
 
982

 
775

Other
 
132

 
34

Deferred tax assets
 
3,322

 
4,697

Less: valuation allowances
 
(114
)
 
(329
)
Deferred tax assets after valuation allowances
 
3,208

 
4,368

 
 
 
 
 
Intangible assets
 
(1,059
)
 
(913
)
Unrealized gain on open purchase and sale commitments
 
—

 
(2,533
)
Unrealized gain on futures and forward contracts
 
(2,029
)
 
—

Fixed assets
 
(134
)
 
(224
)
Inventories
 
(110
)
 
(2,164
)
Other
 
(2
)
 
(23
)
Deferred tax liabilities
 
(3,334
)
 
(5,857
)
 
 
 
 
 
Net deferred tax liability
 
$
(126
)
 
$
(1,489
)
 
 
 
 
 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the net unrecognized tax benefits for the years ended June 30, 2015 and 2014 is as follows:
in thousands
 
 
 
 
June 30,
 
2015
 
2014
 
 
 
 
 
Beginning balance
 
$
730

 
$
733

Reductions due to lapse of statute of limitations
 
(147
)
 
(3
)
Additions reductions as a result of tax positions taken during current period
 
4

 
—

Reductions as a result of tax positions of prior years
 
(134
)
 
—

Settlements
 
(210
)
 
—

Ending balance
 
$
243

 
$
730