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Note 15 - Discontinued Operations | 12 Months Ended
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Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 15. DISCONTINUED OPERATIONS In June 2014, the Company divested the American Foodservice Company, a manufacturer of custom design and fabrication of counter systems and cabinets, in our Food Service Equipment Group segment. In connection with this sale, the Company received proceeds of $3.1 million and recorded a net loss on disposal of $3.2 million. In December 2011, the Company divested the Air Distribution Products Group, (“ADP”). In connection with this sale, the Company adjusted the carrying value of ADP’s assets to their net realizable value based on a range of expected sale prices. As a result, the Company recorded goodwill impairment charges of $14.9 million and impairment charges of $5.0 million to fixed assets. On March 30, 2012, ADP was sold to a private equity buyer for consideration of $16.1 million consisting of $13.1 million in cash and a $3.0 million note secured by first mortgages on three ADP facilities. During the quarter ended March 31, 2012, additional pre-tax charges of $2.6 million were taken in connection with the closing of the sale. These charges related primarily to the impairment of a non-cancellable lease liability that the buyer elected not to assume as part of the purchase. During 2014, the Company received notice that its obligations under a guarantee provided to the buyers of ADP were triggered as a result of its withdrawal from both of the multi-employer pension plans in which ADP previously participated. As a result, the Company has recorded charges of $1.6 million in excess of the value of the guarantee previously recorded in order to fully settle these obligations. The following table summarizes the Company’s discontinued operations activity, by operation, for the years ended June 30, 2014, 2013 and 2012 (in thousands):
| Year Disposed |  | 2014 |  |  | 2013 |  |  | 2012 |
Sales: |  |  |  |  |  |  |  |  |  |  |  |  |
American Foodservice Company | 2014 |  | $ | 20,556 |  |  | $ | 27,870 |  |  | $ | 24,054 |
Air Distribution Products Group | 2012 |  |  | - |  |  |  | - |  |  |  | 43,537 |
|  |  |  | 20,556 |  |  |  | 27,870 |  |  |  | 67,591 |
Income (loss) before taxes: |  |  |  |  |  |  |  |  |  |  |  |  |
American Foodservice Company (1) | 2014 |  |  | (8,339 | ) |  |  | 1,934 |  |  |  | 1,220 |
Air Distribution Products Group | 2012 |  |  | (1,849 | ) |  |  | (451 | ) |  |  | (24,871 | )
Other loss from discontinued operations |  |  | (387 | ) |  |  | (207 | ) |  |  | (453 | )
Income (loss) before taxes from discontinued operations |  |  | (10,575 | ) |  |  | 1,276 |  |  |  | (24,104 | )
(Provision) benefit for tax |  |  | 3,692 |  |  |  | (482 | ) |  |  | 9,113 |
Net income (loss) from discontinued operations |  | $ | (6,883 | ) |  | $ | 794 |  |  | $ | (14,991 | )
(1) American Foodservice Company incurred a pretax operational loss of $3.5 million and pretax loss on sale of $4.8 million. Assets and liabilities related to discontinued operations to be retained by the Company are recorded in the Consolidated Balance Sheets at June 30 under the following captions (in thousands):
|  | 2014 |  |  | 2013 |
Current assets |  | $ | 199 |  |  | $ | 483 |
Non-current assets |  |  | 3,014 |  |  |  | 3,000 |
Current liabilities |  |  | 2,340 |  |  |  | 795 |
Non-current liabilities |  |  | 1,791 |  |  |  | 3,219 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 + Details
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