v3.25.1
Note 9 - Income Taxes
 12 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

9.   INCOME TAXES

 

Components of tax expense are as follows (in thousands):

 

  

Year Ended March 31,

 
  

2025

  

2024

 

Federal

        

Current

 $1,234  $4,248 

Deferred

  112   473 
   1,346   4,721 

State

        

Current

  153   927 

Deferred

  109   321 
   262   1,248 

Total

 $1,608  $5,969 

 

The U.S. federal statutory income tax rate is reconciled to the effective rate as follows:

 

  

Year Ended March 31,

 
  

2025

  

2024

 

Income tax expense at U.S. federal statutory rate

  21.0%  21.0%

Current year state and local income taxes net of federal income tax benefit

  2.7   4.3 

Other

  (2.8)  0.3 

Provision for income taxes

  20.9%  25.6%

 

The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ended March 31, 2022 through March 31, 2024. State and local returns may be subject to examination for fiscal years ended March 31, 2021 through March 31, 2024.

 

Deferred income taxes are provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s consolidated deferred tax assets (liabilities) are as follows (in thousands):

 

  

March 31,

 
  

2025

  

2024

 

Deferred tax liabilities:

        

Depreciation

 $(6,199) $(6,451)
Unrealized gain - mark to market derivatives  (87)  — 

Total deferred tax liabilities

  (6,286)  (6,451)

Deferred tax assets:

        

Inventory capitalization

  537   552 
Interest expense limitation  140   — 

Postretirement benefits other than pensions

  29   26 

Restricted stock compensation

  23   77 

Unrealized Loss - mark to market derivatives

  —   403 

Other

  79   136 

Total deferred tax assets

  808   1,194 

Net deferred tax liability

 $(5,478) $(5,257)