Income Taxes (Tables)
|
12 Months Ended |
Dec. 30, 2017 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Loss Before Income Taxes |
The components of income (loss)from continuing operations before income tax provision consist of the following:
|
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|
|
|
|
|
|
|
|
|
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|
Fiscal Year Ended |
|
December 30, 2017 |
|
December 31, 2016 |
|
January 2, 2016 |
Domestic operations |
$ |
2,553 |
|
|
$ |
2,570 |
|
|
$ |
(531 |
) |
Foreign operations |
481 |
|
|
503 |
|
|
483 |
|
Total income (loss) before income taxes |
$ |
3,034 |
|
|
$ |
3,073 |
|
|
$ |
(48 |
) |
|
| Summary of Income Tax (Benefit) Provision |
Income tax (benefit) provision for fiscal year 2017, 2016 and 2015 consists of the following:
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|
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|
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Fiscal Year Ended |
|
December 30, 2017 |
|
December 31, 2016 |
|
January 2, 2016 |
Current: |
|
|
|
|
|
Federal tax |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
State tax |
6 |
|
|
6 |
|
|
6 |
|
Foreign tax |
115 |
|
|
94 |
|
|
82 |
|
Total current taxes |
121 |
|
|
100 |
|
|
88 |
|
Deferred: |
|
|
|
|
|
Federal tax |
2,118 |
|
|
1,067 |
|
|
(84 |
) |
State tax |
1,122 |
|
|
(401 |
) |
|
866 |
|
Foreign tax |
— |
|
|
— |
|
|
— |
|
Total deferred taxes |
3,240 |
|
|
666 |
|
|
782 |
|
Change in federal tax rate - deferred tax impact |
12,171 |
|
|
— |
|
|
— |
|
Valuation allowance |
(37,072 |
) |
|
(666 |
) |
|
(782 |
) |
Income tax (benefit) provision |
$ |
(21,540 |
) |
|
$ |
100 |
|
|
$ |
88 |
|
|
| Summary of Differences Between Income Tax Provision (Benefit) and Applied Federal Statutory Rate |
Income tax (benefit) provision differs from the amount that would result from applying the federal statutory rate as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
December 30, 2017 |
|
December 31, 2016 |
|
January 2, 2016 |
Income tax at U.S. federal statutory rate |
$ |
1,032 |
|
|
$ |
1,044 |
|
|
$ |
(17 |
) |
Change in U.S. federal statutory rate |
12,171 |
|
|
— |
|
|
— |
|
Tax attributes written off |
1,110 |
|
|
— |
|
|
— |
|
Share-based compensation |
1,027 |
|
|
316 |
|
|
50 |
|
State income tax, net of federal tax effect |
231 |
|
|
(261 |
) |
|
576 |
|
Foreign tax |
(77 |
) |
|
(48 |
) |
|
(24 |
) |
Basis difference in subsidiary equity |
— |
|
|
— |
|
|
— |
|
Other |
38 |
|
|
(149 |
) |
|
51 |
|
Change in valuation allowance |
(37,072 |
) |
|
(802 |
) |
|
(548 |
) |
Effective tax (benefit) provision |
$ |
(21,540 |
) |
|
$ |
100 |
|
|
$ |
88 |
|
|
| Summary of Deferred Tax Assets and Deferred Tax Liabilities |
Deferred tax assets and deferred tax liabilities consisted of the following:
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|
|
|
|
|
|
|
|
December 30, 2017 |
|
December 31, 2016 |
Deferred tax assets: |
|
|
|
Inventory and inventory related allowance |
$ |
537 |
|
|
$ |
839 |
|
Share-based compensation |
2,281 |
|
|
4,803 |
|
Amortization |
3,702 |
|
|
7,602 |
|
Sales and bad debt allowances |
603 |
|
|
749 |
|
Vacation accrual |
145 |
|
|
209 |
|
Book over tax amortization |
677 |
|
|
— |
|
Net operating loss and AMT credit carry-forwards |
19,740 |
|
|
30,474 |
|
Other |
101 |
|
|
792 |
|
Total deferred tax assets |
27,786 |
|
|
45,468 |
|
Valuation Allowance |
(6,309 |
) |
|
(43,877 |
) |
Net deferred tax assets |
21,477 |
|
|
1,591 |
|
Deferred tax liabilities: |
|
|
|
Tax over book depreciation |
— |
|
|
1,527 |
|
Prepaid catalog expenses |
1 |
|
|
64 |
|
Total deferred tax liabilities |
1 |
|
|
1,591 |
|
Net deferred tax assets |
$ |
21,476 |
|
|
$ |
— |
|
|
| Summary of State NOL Carryforwards Expiration Year |
The state NOL carryforwards expire in the respective tax years as follows:
|
|
|
|
|
2018 |
$ |
5,520 |
|
2019 |
917 |
|
2020 |
673 |
|
2021 |
5,474 |
|
2022 |
1,050 |
|
Thereafter |
58,458 |
|
|
$ |
72,092 |
|
|