Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.7.0.1
Income Taxes (Tables)
12 Months Ended
Jan. 28, 2017
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities
The Company records deferred taxes for differences between the financial reporting and income tax bases of assets and liabilities, computed in accordance with tax laws in effect at that time. The deferred taxes related to such differences as of January 28, 2017 and January 30, 2016 were as follows (in thousands):
 
 
January 28, 2017
 
January 30, 2016
Accruals and reserves not currently deductible for tax purposes
 
$
6,632

 
$
6,990

Inventory capitalization
 
2,207

 
1,931

Differences in depreciation lives and methods
 
1,151

 
2,730

Differences in basis of intangible assets
 
(3,522
)
 
(2,756
)
Differences in investments and other items
 
447

 
551

Net operating loss carryforwards
 
125,279

 
117,909

Valuation allowance
 
(135,716
)
 
(130,089
)
Net deferred tax liability
 
$
(3,522
)
 
$
(2,734
)
Schedule of Components of Income Tax Provision (Benefit)
The provision for income taxes consisted of the following (in thousands):
 
 
For the Years Ended
 
 
January 28, 2017
 
January 30, 2016
 
January 31, 2015
Current
 
$
(13
)
 
$
(46
)
 
$
(31
)
Deferred
 
(788
)
 
(788
)
 
(788
)
 
 
$
(801
)
 
$
(834
)
 
$
(819
)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the statutory tax rates to the Company’s effective tax rate is as follows:
 
 
For the Years Ended
 
 
January 28, 2017
 
January 30, 2016
 
January 31, 2015
Taxes at federal statutory rates
 
35.0
 %
 
35.0
 %
 
35.0
 %
State income taxes, net of federal tax benefit
 
11.9

 
(0.6
)
 
(11.2
)
Reestablishment of state net operating losses
 

 
6.0

 

Provision to return true-up
 
18.1

 

 

Non-cash stock option vesting expense
 
(2.3
)
 
(1.9
)
 
(158.6
)
FCC license deferred tax liability impact on valuation allowance
 
(9.4
)
 
(6.5
)
 
(133.4
)
Valuation allowance and NOL carryforward benefits
 
(60.9
)
 
(44.2
)
 
124.0

Other
 
(2.5
)%
 
4.9
 %
 
(2.4
)%
Effective tax rate
 
(10.1
)%
 
(7.3
)%
 
(146.6
)%