Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.5.0.2
Income Taxes (Tables)
 12 Months Ended
Jun. 30, 2016
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,
2016
 
2015
U.S.
$
15,453

 
$
8,952

Foreign
111

 
196

Income before provision for income taxes
$
15,564

 
$
9,148

 
 
 
 

    
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, 2016 and 2015 consists of the following:
in thousands
 
 
 
 
 
Years Ended June 30,
 
2016
 
2015
 
Current:
 
 
 
 
 
Federal
 
(668
)
 
3,498

 
State and local
 
100

 
(464
)
 
Foreign
 
52

 
49

 
 
 
(515
)
 
3,083

 
Deferred:
 
 
 
 
 
Federal
 
6,325

 
(182
)
 
State and local
 
483

 
(804
)
 
 
 
6,808

 
(986
)
 
 
 
 
 
 
 
Provision for income taxes
 
$
6,293

 
$
2,097

 
 
 
 
 
 
 
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 2016, and 2015) to income before income tax provisions for the years ended June 30, 2016 and 2015, are set forth below:
in thousands
 
 
 
 
 
Years Ended June 30,
 
2016
 
2015
 
Federal income tax
 
$
5,447

 
$
3,202

 
State tax, net of federal benefit
 
437

 
193

 
162(m) limitation
 
—

 
53

 
Uncertain tax positions
 
79

 
(352
)
 
Reallocation of deferred state net operating loss from Former Parent related to tax settlement
 
—

 
(564
)
 
Change in valuation allowance
 
(70
)
 
(215
)
 
Other
 
400

 
(220
)
 
Total provision for income taxes
 
$
6,293

 
$
2,097

 
 
 
 
 
 
 
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 for taxable temporary differences as of June 30, 2016 and June 30, 2015:
in thousands
 
 
 
 
June 30,
 
2016
 
2015
Accrued compensation
 
$
110

 
$
102

Deferred rent
 
194

 
30

Unrealized loss on futures and forward contracts
 
5,179

 
—

Unrealized loss on open purchase and sale commitments
 
—

 
1,894

Stock-based compensation
 
206

 
159

State tax accrual
 
2

 
23

Net operating loss carry forwards
 
929

 
982

Other
 
215

 
132

Deferred tax assets
 
6,835

 
3,322

Less: valuation allowances
 
(44
)
 
(114
)
Deferred tax assets after valuation allowances
 
6,791

 
3,208

 
 
 
 
 
Intangible assets
 
(1,221
)
 
(1,059
)
Unrealized gain on open purchase and sale commitments
 
(7,228
)
 
—

Unrealized gain on futures and forward contracts
 
—

 
(2,029
)
Fixed assets
 
(87
)
 
(134
)
Inventories
 
(4,815
)
 
(110
)
Earnings from equity method investment
 
(261
)
 
—

Other
 
—

 
(2
)
Deferred tax liabilities
 
(13,612
)
 
(3,334
)
 
 
 
 
 
Net deferred tax liability
 
$
(6,821
)
 
$
(126
)
 
 
 
 
 
Schedule of Unrecognized Tax Benefits Roll Forward
Below, is a reconciliation of the net unrecognized tax benefits for the years ended June 30, 2016 and 2015:
in thousands
 
 
 
 
June 30,
 
2016
 
2015
 
 
 
 
 
Beginning balance
 
$
243

 
$
730

Reductions due to lapse of statute of limitations
 
(16
)
 
(147
)
Additions as a result of tax positions taken during current period
 
53

 
4

Reductions as a result of tax positions of prior years
 
—

 
(134
)
Settlements
 
—

 
(210
)
Ending balance
 
$
280

 
$
243