Annual report pursuant to Section 13 and 15(d)

Note 12 - Income Taxes (Tables)

v2.4.0.6
Note 12 - Income Taxes (Tables)
12 Months Ended
Jun. 30, 2012
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   
2012
   
2011
   
2010
 
Current:
                 
Federal
  $ 13,086     $ (4,428 )   $ (11,497 )
State
    (1,433 )     1,505       3,106  
Foreign
    57       107       131  
Total current
    11,710       (2,816 )     (8,260 )
Deferred:
                       
Federal
    (20,896 )     (1,432 )     33,290  
State
    591       1,369       490  
Foreign
    140       -       9  
Total deferred
    (20,165 )     (63 )     33,789  
Income tax expense (benefit)
  $ (8,455 )   $ (2,879 )   $ 25,529  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   
2012
   
2011
   
2010
 
                                     
Expected income tax expense (benefit)
  $ 14,434       35.0 %   $ 9,228       35.0 %   $ (6,575 )     35.0 %
State income taxes (benefit), net of federal income tax
    1,038       2.5 %     750       2.8 %     (717 )     3.8 %
Valuation allowance
    (21,237 )     -51.5 %     (12,672 )     -48.1 %     34,139       -181.7 %
Section 199 Qualified Production Activities deduction
    (1,001 )     -2.4 %     (705 )     -2.7 %     -       0.0 %
Unrecognized tax expense (benefit)
    (1,483 )     -3.6 %     490       1.9 %     (2,232 )     11.9 %
Other, net
    (206 )     -0.5 %     30       0.1 %     914       -4.9 %
Actual income tax expense (benefit)
  $ (8,455 )     -20.5 %   $ (2,879 )     -10.9 %   $ 25,529       -135.9 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   
2012
   
2011
 
Deferred tax assets:
           
Accounts receivable
  $ 470     $ 439  
Employee compensation accruals
    6,321       5,962  
Stock based compensation
    2,617       2,680  
Deferred rent credits
    5,283       5,587  
Restructuring charges
    526       944  
Net operating loss carryforwards
    3,066       3,525  
Goodwill
    6,251       7,451  
Other, net
    3,829       5,153  
Total deferred tax assets
    28,363       31,741  
Less: Valuation allowance
    (2,317 )     (23,554 )
Net deferred tax assets
    26,046       8,187  
   
2012
   
2011
 
Deferred tax liabilities:
           
Inventories
    2,068       3,202  
Property, plant and equipment
    536       1,149  
Intangible assets other than goodwill
    14,264       14,225  
Commissions
    3,880       3,834  
Other, net
    22       23  
Total deferred tax liability
    20,770       22,433  
Net deferred tax asset (liability)
  $ 5,276     $ (14,246 )
Schedule Of Deferred Tax Assets Expiration With Respect To Net Operating Losses [Table Text Block]
   
Deferred
Income
Tax Assets
   
Net Operating
Loss
Carryforwards
 
United States (State), expiring between 2013 and 2032
  $ 2,702     $ 57,847  
Foreign, Expiring between 2029 and 2030
    364       1,334  
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
   
2012
   
2011
 
Beginning balance
  $ 11,027     $ 11,476  
Additions based on tax positions in the current year
    550       2,400  
Additions for tax positions in prior years
    524       868  
Reductions for tax positions of prior years
    (3,543 )     (2,778 )
Settlements
    (1,189 )     (939 )
Ending balance
  $ 7,369     $ 11,027  
Other Assets [Member]
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   
2012
   
2011
 
Current assets
  $ 2,147     $ -  
Non-current assets
    3,129       -  
Current liabilities
    -       (6,212 )
Non-current liabilities
    -       (8,034 )
Total net deferred tax asset (liability)
  $ 5,276     $ (14,246 )