Bridgford | Investor Service

(Page 10)

Notes to Consolidated Financial Statements

NOTE 4 - INCOME TAXES:

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

	1999	1998	1997
Current:
Federal	$6,034	$5,241	$3,602
State	1,172	964	658

	7,206	6,205	4,260


Deferred:
Federal	(867)	(735)	(99)
State	(194)	(125)	(112)

	(1,061)	(860)	(211)

	$6,145	$5,345	$4,049

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)

	1999	1998	1997
Provision for federal income taxes at the applicable statutory rate	$5,498	$4,782	$3,622
Increase in provision resulting from: State income taxes, net of federal income tax benefit	596	518	416
Other, net	51	45	11
	$6,145	$5,345	$4,049
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.

	1999	1998	1997
Receivables allowance	$263	$235	$233
Inventory capitalization	367	329	233
Deferred compensation	478	382	385
Franchise tax	183	154	107
Employee benefits	853	842	631
Other	(36)	(29)	44

Current tax assets	$2,108	$1,913	$1,690
Deferred compensation	$1,673	$1,348	$1,001
Pension and health care benefits	3,951	3,343	2,870
Depreciation	(1,018)	(952)	(769)
Non-current taz assets, net	4,606	3,739	3,102
No valuation allowance was provided against deferred tax assets in the accompanying statements.

1999 Annual Report: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12