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Note 3 - Discontinued Operations
 6 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
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.
 
Discontinued operations for the three and six months ended December 31, 2015 and 2014 are as follows (in thousands):
 
 
 
Three Months Ended
December 31,
 
 
Three Months Ended
December 31,
 
 
 
2015
 
 
2014
 
 
2015
 
 
2014
 
Net sales
   $ -     $ -     $ -     $ -  
Pre-tax earnings
     (94 )     (126 )     (342 )     (647 )
(Provision) benefit for taxes
     19       47       107       193  
Net earnings (loss) from discontinued operations
   $ (75 )   $ (79 )   $ (235 )   $ (454 )
 
On March 30, 2012, Air Distribution Products Group,
(“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 promissory note from the buyer. The note was secured by a mortgage on the ADP real estate sold in the transaction in Detroit Lakes, MN, Medina, NY, and Powder Springs, GA. During the first quarter 2016, the private equity buyer of ADP sold one of the facilities securing the note. The Company released all mortgages on the properties and accepted an advanced payment of $2.8 million during October 2015 in order to reduce repayment risk and settle all obligations under the note. The Company recorded a $0.2 million loss in discontinued operations during the first quarter 2016 related to this transaction.
 
The Company remained the obligor of ADP’s Philadelphia, PA facility and administrative offices. We have entered into a renewable sublease agreement with a third party for this space. Our obligation with respect to the lease is $1.0 million, of which $0.7 million was recorded as a liability at December 31, 2015. We do not expect to record additional charges related to these obligations.
 
Assets and liabilities related to discontinued operations appear in the condensed consolidated balance sheets are as follows (in thousands):
 
 
 
December 31, 2015
 
 
June 30, 2015
 
Current assets
   $ -     $ 23  
Other non-current assets
     14       3,014  
Accrued expenses
     1,352       1,383  
Accrued pension and other non-current liabilities
     289       896