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):
     
      2001
    2000
    1999
Current:                  
    Federal     $2,830     $4,060     $6,034
    State     671     819     1,172
     
   
   
       3,501     4,879     7,206
     
   
   
 
Deferred:                  
    Federal     292     444     (867)
    State     35     51     (194)
     
   
   
       327     495     (1,061)
     
   
   
       $3,828     $5,374     $6,145
 

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)
      2001
    2000
    1999
Provision for federal income taxes at the applicable statutory rate     $3,424     $4,808     $5,498
Increase in provision resulting from: State income taxes, net of federal income tax benefit     376     521     596
Other, net     28     45     51
   
 
 
      $3,828     $5,374     $6,145
 

Deferred income taxes result from differences in the bases of assets and liabilities for tax and accounting purposes. (in thousands)
      2001
    2000
Receivables allowance     $319     $284
Inventory capitalization   406   387
Deferred compensation   614   590
Franchise tax   148   148
Employee benefits   862   903
Other   102   126
   
 
     Current tax assets, net    2,451   2,438
   
 
Deferred compensation   1,408   1,649
Pension and health care benefits   3,198   3,192
Depreciation   (1,165)   (1,060)
   
 
     Non-current tax assets, net   3,441   3,781
   
 
 No valuation allowance was provided against deferred tax assets in the accompanying statements.

 
2001 Annual Report: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12