Annual report pursuant to Section 13 and 15(d)

Note 6 - Income Taxes (Tables)

v3.24.3
Note 6 - Income Taxes (Tables)
12 Months Ended
Sep. 30, 2024
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   

September 30,

   

September 30,

   

September 30,

 

(In thousands)

 

2024

   

2023

   

2022

 

Current:

                       

Federal

  $ 385     $ 9,449     $ 13,230  

State

    (114 )     1,435       1,532  

Foreign

    4       144       48  

Current income tax expense

    275       11,028       14,810  

Deferred:

                       

Federal

    (3,092 )     (1,751 )     (509 )

State

    (427 )     (251 )     6  

Foreign

    (559 )     53       165  

Deferred income tax expense

    (4,078 )     (1,949 )     (334 )

Income tax expense

  $ (3,803 )   $ 9,079     $ 14,472  
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

September 30,

   

September 30,

   

September 30,

 
   

2024

   

2023

   

2022

 

Federal statutory rate

    21.0 %     21.0 %     21.0 %

State income taxes

    3.9 %     2.8 %     2.1 %

Foreign income taxes

    (1.5% )     (0.1% )     0.4 %

Permanent differences

    0.0 %     0.8 %     4.6 %

Research and development credits

    0.8 %     (1.0% )     (0.5% )

Excess tax benefits from stock-based compensation

    (0.8% )     (1.7% )     (4.9% )

Effective Tax rate

    23.4 %     21.8 %     22.7 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

September 30,

   

September 30,

 

(In thousands)

 

2024

   

2023

 

Inventories

  $ 4,241     $ 2,154  

R&D expenses

    1,328       832  

Stock-based compensation

    1,042       600  

Accrued expenses and reserves

    427       515  

Property and equipment depreciation

    4       (683 )

Net operating loss carry forwards and credits

    726       201  

Foreign currency translation loss

    -       -  

Total deferred tax asset

  $ 7,768     $ 3,619  

Goodwill

    (1,146 )     (1,123 )

Unrealized loss on investments

    (16 )     204  

Prepaid expenses

    (141 )     (193 )

Intangibles

    (254 )     (153 )

Foreign currency translation gain

    (238 )     (36 )

Total deferred tax liability

  $ (1,795 )   $ (1,301 )

Net deferred tax asset

  $ 5,973     $ 2,318