v3.26.1
Note 10 - Income Taxes
 12 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

10.   INCOME TAXES

 

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

 

  

Year Ended March 31,

 
  

2026

  

2025

 

Federal

        

Current

 $4,297  $1,234 

Deferred

  1,049   112 
   5,346   1,346 

State

        

Current

  1,259   153 

Deferred

  234   109 
   1,493   262 

Total

 $6,839  $1,608 

 

Reconciliations of the statutory rates to the actual effective tax rates for fiscal years 2026 and 2025 are as follows (in thousands, except percentages):

 

  

Fiscal 2026

  

Fiscal 2025

 

Income tax expense at U.S. federal statutory rate

 $5,538 21.0% $1,615 21.0%

Current year state and local income taxes net of federal income tax benefit (1)

  1,179 4.4   208 2.7 

Other

  122 0.5   (215)(2.8)

Provision for income taxes

 $ 6,839 25.9% $1,608 20.9%

 

Note: Certain percentages may not sum to totals due to rounding.

(1) State taxes in Alabama, Arkansas, Florida, Illinois, Indiana and Texas made up the majority (greater than 50 percent) of the tax effect in this category. 

 

The following table presents income taxes paid (in thousands):

 

         
  Fiscal 2026  Fiscal 2025 

Federal

 $5,489  $2,750 

Domestic state and local:

        

Illinois

  456   401 

Other (1)

  740   99 

Domestic state and local subtotal

  1,196   500 

Total income taxes paid

 $6,685  $3,250 

 

(1) All other domestic state and local jurisdictions individually represented less than 5% and are aggregated into "Other"

 

The Company’s tax returns may be subject to examination by the Internal Revenue Service for the fiscal years ended March 31, 2023 through March 31, 2025. State and local returns may be subject to examination for fiscal years ended March 31, 2022 through March 31, 2025.

 

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,

 
  

2026

  

2025

 

Deferred tax liabilities:

        

Depreciation

 $(8,021) $(6,199)

Unrealized gain - mark to market derivatives

  —   (87)

Total deferred tax liabilities

  (8,021)  (6,286)

Deferred tax assets:

        

Inventory capitalization

  832   537 

Interest expense limitation

  —   140 

Postretirement benefits other than pensions

  24   29 

Restricted stock compensation

  163   23 

Unrealized loss - mark to market derivatives

  68   — 

Other

  173   79 

Total deferred tax assets

  1,260   808 

Net deferred tax liability

 $(6,761) $(5,478)