Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
12 Months Ended
Jun. 29, 2013
Income Tax Disclosure [Abstract]  
Provision for income taxes
The provision for income taxes consists of the following (in thousands):
 
Year ended
 
June 29,
2013
 
June 30,
2012
 
July 2,
2011
Current:
 
 
 
 
 
Federal
$
40

 
$
(6,795
)
 
$
3,936

State
35

 

 
315

Foreign
145

 
157

 
167

Total current
$
220

 
$
(6,638
)
 
$
4,418

Deferred:
 
 
 
 
 
Federal
$
499

 
$
(284
)
 
$
562

State
3

 
(985
)
 
373

Total deferred
502

 
(1,269
)
 
935

Provision for (benefit from) income taxes
$
722

 
$
(7,907
)
 
$
5,353

Schedule of income before income tax, domestic and foreign
For financial reporting purposes, income (loss) before provision for (benefit from) income taxes includes the following components (in thousands):
 
Year ended
 
June 29,
2013
 
June 30,
2012
 
July 2,
2011
United States
$
1,468

 
$
(21,660
)
 
$
12,814

Foreign
8,438

 
11,306

 
9,866

 
$
9,906

 
$
(10,354
)
 
$
22,680

Reconciliation between actual provision for incomes taxes and federal statutory income tax rate
A reconciliation between actual provision for (benefit from) income taxes and the provision for income taxes computed using the federal statutory income tax rate of 34.0% is as follows (in thousands):
 
Year ended
 
June 29,
2013
 
June 30,
2012
 
July 2,
2011
Income tax expense at the statutory rate
$
3,371

 
$
(3,520
)
 
$
7,712

State income tax expense, net of federal income tax effect
(11
)
 
(975
)
 
561

Rate difference and nondeductible items in foreign jurisdictions
(16
)
 
(47
)
 
(20
)
Impact of foreign earnings in tax-free zone
(2,754
)
 
(3,683
)
 
(3,223
)
Valuation allowance adjustments
75

 
14

 

Nondeductible compensation

 
193

 
157

Nondeductible amortization and other permanent differences
100

 
91

 
86

Other
(43
)
 
20

 
80

Provision for (benefit from) income taxes
$
722

 
$
(7,907
)
 
$
5,353

Significant components of deferred tax assets and liabilities
Significant components of our deferred tax assets and liabilities are as follows (in thousands):
 
June 29,
2013
 
June 30,
2012
Deferred tax assets:
 
 
 
State net operating loss carryforwards
$
1,416

 
$
1,406

Charitable donation carryforward
50

 
373

Derivative — interest rate contracts
51

 
81

Alternative minimum tax credit carryforward
49

 

Currently nondeductible accruals
6,665

 
5,555

Gross deferred tax assets
8,231

 
7,415

Less valuation allowance — state net operating loss
(197
)
 
(122
)
Net deferred tax assets
8,034

 
7,293

 
 
 
 
Deferred tax liabilities:
 
 
 
Depreciation
(3,164
)
 
(2,704
)
Goodwill and intangibles
(3,762
)
 
(3,319
)
Other
(123
)
 
(109
)
Gross deferred tax liabilities
(7,049
)
 
(6,132
)
Net deferred tax asset
985

 
1,161

Less non-current net deferred tax liabilities
3,571

 
3,803

Current deferred tax asset
$
4,556

 
$
4,964