Bridgford | Investor Service

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Notes to Consolidated Financial Statements

NOTE 4 - INCOME TAXES:

The provision for taxes on income includes the following (in thousands):

	1997	1996	1995
Current:
Federal	$3,602	$4,039	$4,102
State	658	551	643

	4,260	4,590	4,745


Deferred:
Federal	(99)	(933)	(609)
State	(112)	(192)	(96)

	(211)	(1,125)	(705)

	$4,049	$3,465	$4,040

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):

	1997	1996	1995
Provision for federal income taxes at the applicable statutory rate	$3,622	$3,100	$3,614
Increase in provision resulting from: State income taxes, net of federal income tax benefit	416	335	397
Other, net	11	30	29
	$4,049	$3,465	$4,040
Deferred income taxes result from differences in the bases of assets and liabilities for tax and accounting purposes.

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):

	1997	1996
Receivables allowance	$233	$199
Inventory capitalization	290	297
Deferred compensation	385	406
Franchise tax	107	93
Employee benefits	631	592
Other	44	(13)

Current tax assets	$1,690	$1,574
Deferred compensation	$1,001	$929
Pension and health care benefits	2,870	2,392
Depreciation	(769)	(313)
Non-current taz assets, net	3,102	3,008
No valuation allowance was provided against deferred tax assets in the accompanying statements.

1997 Annual Report: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12