Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.1
Income Taxes (Tables)
12 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Components of Income Before Provision for Income Taxes

An analysis of the components of income before provision for income taxes is presented below:

 

 

 

Year ended March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

United States

 

$

14,381

 

 

$

5,077

 

 

$

(66

)

Asia

 

 

1,026

 

 

 

497

 

 

 

627

 

Income before provision for income taxes

 

$

15,407

 

 

$

5,574

 

 

$

561

 

The Provision for Income Taxes

The provision for income taxes consists of:

 

 

 

Year ended March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

1,387

 

 

$

1,133

 

 

$

37

 

State

 

 

37

 

 

 

100

 

 

 

204

 

Foreign

 

 

282

 

 

 

257

 

 

 

73

 

 

 

 

1,706

 

 

 

1,490

 

 

 

314

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

5,429

 

 

 

(419

)

 

 

(89

)

State

 

 

210

 

 

 

88

 

 

 

(82

)

Foreign

 

 

25

 

 

 

(106

)

 

 

93

 

Changes in valuation allowance

 

 

(4,193

)

 

 

(35

)

 

 

(42

)

 

 

 

1,471

 

 

 

(472

)

 

 

(120

)

Total provision for income taxes

 

$

3,177

 

 

$

1,018

 

 

$

194

 

Reconciliation of the Provision for Income Taxes

The reconciliation of the provision calculated using the U.S. federal tax rate with the provision for income taxes presented in the consolidated financial statements is as follows:

 

 

 

Year ended March 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Provision for income taxes at federal rate

 

$

3,238

 

 

$

1,170

 

 

$

118

 

State taxes

 

 

196

 

 

 

156

 

 

 

92

 

Charges not deductible for income tax purposes

 

 

45

 

 

 

54

 

 

 

26

 

Stock based compensation

 

 

(382

)

 

 

(8

)

 

 

114

 

Research and development tax credits

 

 

(308

)

 

 

(327

)

 

 

(240

)

Valuation allowance

 

 

(4,193

)

 

 

(35

)

 

 

(42

)

Effect of foreign tax rate

 

 

50

 

 

 

26

 

 

 

27

 

Uncertain tax positions

 

 

140

 

 

 

 

 

 

 

Nondeductible fringe benefits

 

 

31

 

 

 

30

 

 

 

44

 

162(m)

 

 

420

 

 

 

105

 

 

 

 

Foreign withholding tax

 

 

9

 

 

 

 

 

 

 

Foreign-derived intangible income deduction

 

 

(61

)

 

 

(134

)

 

 

 

Global intangible low-taxed income

 

 

 

 

 

(20

)

 

 

55

 

Capital loss expiration

 

 

4,211

 

 

 

 

 

 

 

Earnout revaluation

 

 

(239

)

 

 

 

 

 

 

Other

 

 

20

 

 

 

1

 

 

 

 

Provision for income taxes

 

$

3,177

 

 

$

1,018

 

 

$

194

 

Summary of Net Deferred Income Tax Liability

The net deferred income tax asset (liability) recorded in the Consolidated Balance Sheets results from differences between financial statement and tax reporting of income and deductions. A summary of the composition of the Company's net deferred income tax asset (liability) follows:

 

 

 

March 31,

 

 

 

2025

 

 

2024

 

Depreciation

 

$

(3,060

)

 

$

(2,931

)

Accrued compensation

 

 

322

 

 

 

237

 

Goodwill

 

 

(1,007

)

 

 

(607

)

Prepaid pension asset

 

 

(1,278

)

 

 

(1,399

)

Accrued pension liability

 

 

219

 

 

 

232

 

Accrued postretirement benefits

 

 

61

 

 

 

68

 

Compensated absences

 

 

641

 

 

 

531

 

Inventories

 

 

645

 

 

 

2,541

 

Warranty liability

 

 

171

 

 

 

182

 

Accrued expenses

 

 

445

 

 

 

600

 

Equity-based compensation

 

 

475

 

 

 

328

 

Allowance for doubtful accounts

 

 

136

 

 

 

18

 

Operating lease assets

 

 

(1,460

)

 

 

(1,694

)

Operating lease liabilities

 

 

1,557

 

 

 

1,784

 

Acquisition costs

 

 

163

 

 

 

180

 

Intangible assets

 

 

71

 

 

 

187

 

New York State investment tax credit

 

 

1,048

 

 

 

1,030

 

Research and development cost

 

 

3,612

 

 

 

2,771

 

Net operating loss carryforwards

 

 

280

 

 

 

182

 

Capital loss carryforward

 

 

 

 

 

4,211

 

Other

 

 

(515

)

 

 

(238

)

 

 

 

2,526

 

 

 

8,213

 

Less: Valuation allowance

 

 

(1,048

)

 

 

(5,241

)

Total

 

$

1,478

 

 

$

2,972