Bridgford Foods Corp | Investor Service

 

1996 Annual Report (Page 10)

Notes to Consolidated Financial Statements

NOTE 4 - INCOME TAXES:

The provision for taxes on income includes the following (in thousands):
    1996
    1995
    1994
Current:            
  Federal     $4,039     $4,102     $3,844
  State     551     643     675
   
   
   
       4,590     4,745     4,519
   
   
   
 
Deferred:            
  Federal     (933)     (609)     (657)
  State     (192)     (96)     (97)
   
   
   
       (1,125)     (705)     (754)
   
   
   
       $3,465     $4,040     $3,765

The total tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (in thousands):
    1996
    1995
    1994
Provision for federal income taxes at the applicable statutory rate     $3,100     $3,614     $3,368
Increase in provision resulting from: State income taxes, net of federal income tax benefit     335     397     391
Other, net     30     29     6
    $3,465     $4,040     $3,765

Deferred income taxes result from differences in the bases of assets and liabilities for tax and accounting purposes.

Deferred tax assets (liabilities) are comprised of the following (in thousands):
    1996
    1995
Receivables allowance     $199     $167
Inventory capitalization     297     218
Deferred compensation     1,335     1,098
Vacation benefits     407     321
Pension and health care benefits     2,638     1,676
Depreciation     (313)     (54)
Other     (74)     (62)
   
   
    $4,582     $3,458

No valuation allowance was provided against deferred tax assets in the accompanying statements.

 
1996 Annual Report: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12