Bridgford Foods Corp | Investor Service

 

1999 Annual Report (Page 10)

Notes to Consolidated Financial Statements

NOTE 4 - INCOME TAXES:

The provision for taxes on income includes the following (in thousands):
     
      2000
    1999
    1998
Current:                  
    Federal     $4,060     $6,034     $5,241
    State     819     1,172     964
     
   
   
       4,879     7,206     6,205
     
   
   
 
Deferred:                  
    Federal     444     (867)     (735)
    State     51     (194)     (125)
     
   
   
       495     (1,061)     (860)
     
   
   
       $5,374     $6,145     $5,345
 

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)
      2000
    1999
    1998
Provision for federal income taxes at the applicable statutory rate     $4,808     $5,498     $4,782
Increase in provision resulting from: State income taxes, net of federal income tax benefit     521     596     518
Other, net     45     51     45
      $5,374     $6,145     $5,345
 

Deferred income taxes result from differences in the bases of assets and liabilities for tax and accounting purposes. (in thousands)
      2000
    1999
Receivables allowance     $284     $263
Inventory capitalization   387   367
Deferred compensation   590   478
Franchise tax   148   183
Employee benefits   903   853
Other   126   (36)
     Current tax assets, net    2,438   2,108
Deferred compensation   1,649   1,673
Pension and health care benefits   3,192   3,951
Depreciation   (1,060)   (1,018)
     Non-current tax assets, net   3,781   4,606
 No valuation allowance was provided against deferred tax assets in the accompanying statements.

 
2000 Annual Report: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12