Form 10-K - Securities And Exchange Commission Page 38
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46are $125 in 2001; $63 in 2002; $62 in 2003; $63 in 2004; and $122 in 2005
and thereafter.
Total rental expense for all operating leases for the years ended
February 25, 2000, February 26, 1999, and February 27, 1998, was $39,
$69, and $106 respectively.
25
Notes to Consolidated Financial Statements
($ in thousands, except share data)
10.
Income Taxes:
The components of the provision (benefit) for income taxes are as
follows:
Year Ended
Year Ended
Year Ended
February 25,
February 26,
February 27,
2000
1999
1998
------------
------------
------------
Currently payable:
Federal
$
889
$ 1,272
$
1,099
State
179
184
24
Foreign taxes
108
111
-
-------
-------
--------
1,176
1,567
1,123
-------
-------
--------
Deferred:
Federal
360
(333)
(142)
State
37
(33)
(15)
-------
-------
--------
397
(366)
(157)
-------
-------
--------
$ 1,573
$ 1,201
$
966
=======
=======
========
A reconciliation of the statutory federal income tax (benefit) to the
effective tax is as follows:
Year Ended
Year Ended
Year Ended
February 25,
February 26,
February 27,
2000
1999
1998
------------
-----------
------------
Statutory income tax
34.0%
34.0%
34.0%
State income tax, net of federal tax benefit and
state net operating loss carryforwards in 1999
2.9
3.9
(0.6)
Foreign sales corporation
(5.2)
(4.4)
(4.9)
Other
3.4
1.5
6.5
-----
-----
-----
35.1%
35.0%
35.0%
=====
=====
=====
The tax effects of the primary temporary differences are as follows:
2000
1999
1998
------------
-----------
------------
Deferred tax assets:
Net arbitration award against Company
$
0
$
446
$
-
Net products liability settlement
115
161
70
Vacation reserve
59
45
43
Inventory reserve
270
236
389
Receivable reserve
138
145
142
Warranty reserve
46
44
44
Other, net
61
59
82
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