XML 33 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 3 - Discontinued Operations
 3 Months Ended
Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3)     Discontinued Operations


In pursuing our business strategy we have divested certain businesses and recorded activities of these businesses as 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.


During 2014, the Company received notice that its obligations under a guarantee provided to the buyer of the previously announced divested Air Distribution Products Group (“ADP”), were triggered as a result of the buyer’s withdrawal from both of the multi-employer pension plans in which ADP previously participated. As a result, during fiscal 2014 the Company recorded charges of $1.6 million, in excess of the value of the guarantee previously recorded in order to fully settle these obligations, of which $1.2 million was recorded in the first quarter of fiscal 2014, and $0.4 million was incurred in the fourth quarter of 2014.


Discontinued operations for the three months ended September 30, 2014 and 2013 are as follows (in thousands):


   

Three Months Ended

 
   

September 30,

 
   

2014

   

2013

 

Net sales

  $ -     $ 5,463  

Pre-tax earnings

    (521 )     (4,636 )

(Provision) benefit for taxes

    146       1,370  

Net earnings (loss) from discontinued operations

  $ (375 )   $ (3,266 )

Assets and liabilities related to discontinued operations appear in the condensed consolidated balance sheets are as follows (in thousands):


   

September 30,

2014

   

June 30,

2014

 

Current assets

  $ -     $ 199  

Other non-current assets

    3,014       3,014  

Accrued expenses

    1,860       2,340  

Accrued pension and other non-current liabilities

    1,571       1,791