Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 29, 2012
Income Taxes [Abstract]  
Components of loss before income taxes
                         
    Fifty-Two Weeks Ended  
    December 29,
2012
    December 31,
2011
    January 1,
2011
 

Domestic operations

  $ (37,469   $ (16,976   $ (2,540

Foreign operations

    554       327       832  
   

 

 

   

 

 

   

 

 

 

Total loss before income taxes

  $ (36,915   $ (16,649   $ (1,708
   

 

 

   

 

 

   

 

 

 
Summary of income tax provision (benefit)
                         
    Fifty-Two Weeks Ended  
    December 29,
2012
    December 31,
2011
    January 1,
2011
 

Current:

                       

Federal tax

  $ —       $ —       $ (434

State tax

    14       23       8  

Foreign tax

    (76     4       73  
   

 

 

   

 

 

   

 

 

 

Total current taxes

    (62     27       (354
   

 

 

   

 

 

   

 

 

 

 

                         
    Fifty-Two Weeks Ended  
    December 29,
2012
    December 31,
2011
    January 1,
2011
 

Deferred:

                       

Federal tax

    (12,612     (5,516     61  

State tax

    (2,618     (1,728     13  

Foreign tax

    275       —         —    
   

 

 

   

 

 

   

 

 

 

Total deferred taxes

    (14,955     (7,244     74  
   

 

 

   

 

 

   

 

 

 

Valuation allowance

    14,080       5,705       12,498  
   

 

 

   

 

 

   

 

 

 

Income tax (benefit) provision

  $ (937   $ (1,512   $ 12,218  
   

 

 

   

 

 

   

 

 

 
Summary of differences between income tax provision (benefit) and applied federal statutory rate
                         
    December 29,
2012
    December 31,
2011
    January 1,
2011
 

Income tax at U.S. federal statutory rate

  $ (12,551   $ (5,661   $ (581

Share-based compensation

    38       21       (93

State income tax, net of federal tax effect

    (2,528     (1,629     (759

Tax exempt interest

          (3     (8

Foreign tax

    (27     (108     (210

Non deductible acquisition costs

    —         —         258  

Other

    51       140       1  

Change in valuation allowance

    14,080       5,728       13,610  
   

 

 

   

 

 

   

 

 

 

Effective tax (benefit) provision

  $ (937   $ (1,512   $ 12,218  
   

 

 

   

 

 

   

 

 

 
Summary of deferred tax assets and deferred tax liabilities
                 
    December 29,
2012
    December 31,
2011
 

Deferred tax assets:

               

Inventory and inventory related reserve

  $ 1,029     $ 1,591  

Share-based compensation

    4,378       4,017  

Amortization

    15,668       9,418  

Sales and bad debt allowances

    773       795  

Vacation accrual

    345       290  

Other comprehensive income

    —         9  

Net operating loss and AMT credit carry-forwards

    17,656       13,250  

Other

    401       65  
   

 

 

   

 

 

 

Total deferred tax assets

    40,250       29,435  

Valuation Allowance

    (36,896     (22,817
   

 

 

   

 

 

 

Net deferred tax assets

    3,354       6,618  
   

 

 

   

 

 

 

Deferred tax liabilities:

               

Tax over book depreciation

    3,206       5,270  

Tax over book amortization

    130       2,226  

Prepaid catalog expenses

    293       272  
   

 

 

   

 

 

 

Total deferred tax liabilities

    3,629       7,768  
   

 

 

   

 

 

 

Net deferred tax liabilities

  $ (275   $ (1,150
   

 

 

   

 

 

 
Summary of state NOL carryforwards expiration year
         

2016 – 2022

  $ 38,853  

2023 – 2032

    15,083  
   

 

 

 
    $ 53,936