Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Income Taxes

v3.6.0.2
Note 10 - Income Taxes
 6 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note
10.
Income Taxes:
 
The company’s tax rate was
53.4%
and
26.9%
for the
second
quarter of fiscal year
2017
and
2016,
respectively and
40.0%
and
27.8%
for the
first
six
months of fiscal year
2017
and
2016,
respectively. The changes in the company’s tax rate for the
second
quarter and
first
six
months of fiscal year
2017
compared to
second
quarter and
first
six
months of
2016
were primarily driven by the tax rate impact of discrete tax items.
 
The company recognized net expense related to discrete tax items of
$4.5
million during the
second
quarter of fiscal year
2017
and net expense related to discrete tax items of
$4.5
million during the
first
six
months of fiscal year
2017.
Second quarter and year to date net discrete expense included a
$4.6
million expense related to the revaluation of contingent consideration which is not tax deductible.
No material discrete tax items were recorded during the
second
quarter or
first
six
months of fiscal year
2016.