Income Taxes (Tables)
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12 Months Ended |
Jun. 30, 2025 |
| Income Taxes |
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| Schedule of income before income taxes attributable to domestic and foreign operations |
| | | | | | | | | | | | For the Year ended June 30, | | | 2025 | | 2024 | | 2023 | | | | | | | | | | | Domestic | | $ | 12,038 | | $ | 6,936 | | $ | 4,926 | Foreign | | | 38,031 | | | 49,450 | | | 26,302 | | | | | | | | | | | Total | | $ | 50,069 | | $ | 56,386 | | $ | 31,228 |
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| Schedule of provision for income taxes |
The provision for income taxes is comprised of the following (in thousands): | | | | | | | | | | | | For the Year ended June 30, | | | 2025 | | 2024 | | 2023 | Current income taxes: | | | | | | | | | | Federal | | $ | 6,817 | | $ | 8,329 | | $ | 5,899 | State | | | 894 | | | 1,015 | | | 1,020 | | | | 7,711 | | | 9,344 | | | 6,919 | Deferred income taxes: | | | | | | | | | | Federal | | | (1,046) | | | (2,367) | | | (2,334) | State | | | (2) | | | (409) | | | (484) | | | | (1,048) | | | (2,776) | | | (2,818) | | | | | | | | | | | Provision for income taxes | | $ | 6,663 | | $ | 6,568 | | $ | 4,101 |
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| Schedule of effective income tax rate reconciliation |
A reconciliation of the U.S. Federal statutory income tax rate to our actual effective tax rate on earnings before income taxes is as follows for the years ended June 30, (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | 2025 | | | 2024 | | | 2023 | | | | | | | % of | | | | | | % of | | | | | | % of | | | | | | | Pre-tax | | | | | | Pre-tax | | | | | | Pre-tax | | | | Amount | | Income | | | Amount | | Income | | | Amount | | Income | | Tax at Federal statutory rate | | $ | 10,515 | | 21.0 | % | | $ | 11,841 | | 21.0 | % | | $ | 6,558 | | 21.0 | % | | | | | | | | | | | | | | | | | | | | Increases (decreases) in taxes resulting from: | | | | | | | | | | | | | | | | | | | Meals and entertainment | | | 68 | | 0.1 | % | | | 66 | | 0.1 | % | | | 48 | | 0.2 | % | State income taxes, net of Federal income tax benefit | | | 704 | | 1.4 | % | | | 935 | | 1.7 | % | | | 436 | | 1.4 | % | Global intangible low-taxed income | | | 3,981 | | 8.0 | % | | | 5,259 | | 9.3 | % | | | 2,739 | | 8.8 | % | R&D Credit | | | (461) | | (0.9) | % | | | (632) | | (1.1) | % | | | (661) | | (2.1) | % | Executive Compensation | | | 183 | | 0.4 | % | | | 47 | | 0.1 | % | | | — | | — | % | Foreign Source income not subject to Tax | | | (7,986) | | (16.0) | % | | | (10,518) | | (18.7) | % | | | (5,524) | | (17.7) | % | Uncertain Tax Positions | | | (825) | | (1.6) | % | | | 78 | | 0.1 | % | | | 63 | | 0.2 | % | Other, net | | | 484 | | 0.8 | % | | | (508) | | (0.9) | % | | | 442 | | 1.4 | % | Effective tax rate | | $ | 6,663 | | 13.3 | % | | $ | 6,568 | | 11.6 | % | | $ | 4,101 | | 13.1 | % |
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| Schedule of deferred tax assets and liabilities |
Deferred tax assets and deferred tax liabilities at June 30, 2025 and 2024 are as follows (in thousands): | | | | | | | | | Deferred Tax Assets (Liabilities) | | | 2025 | | 2024 | Accounts receivable | | $ | 6 | | $ | 8 | Inventories | | | 633 | | | 541 | Accrued liabilities | | | 675 | | | 676 | Stock based compensation expense | | | 474 | | | 452 | Revenue reserves | | | 520 | | | 439 | Unrealized loss on marketable securities | | | 69 | | | 136 | Capitalized research and development cost | | | 6,181 | | | 5,447 | Other | | | — | | | 2 | Total Deferred Tax Assets | | $ | 8,558 | | $ | 7,701 | Valuation allowance | | | — | | | — | Deferred income tax assets, net of valuation allowance | | $ | 8,558 | | $ | 7,701 | | | | | | | | Intangibles | | | (802) | | | (874) | Property, plant and equipment | | | (667) | | | (786) | Other deferred tax liabilities | | | (613) | | | (613) | Total Deferred Tax Liability | | $ | (2,082) | | $ | (2,273) | | | | | | | | Net Deferred Tax Asset | | $ | 6,476 | | $ | 5,428 |
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| Schedule of recognized tax benefits roll forward |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | | | | | | | | | | | | 2025 | | 2024 | | 2023 | Balance of gross unrecognized tax benefits as of Beginning of Year | | $ | 700 | | $ | 700 | | $ | 678 | Increase to unrecognized tax benefits resulting from a state filing tax position | | | — | | | — | | | 22 | Decrease to unrecognized tax benefits resulting from an expiration of a statute | | | (678) | | | — | | | — | Balance of gross unrecognized tax benefits as of End of Year | | $ | 22 | | $ | 700 | | $ | 700 |
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