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Note 3 - Discontinued Operations
 3 Months Ended
Sep. 30, 2016
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 months ended September 30, 2016 and 2015 are as follows (in thousands):
 
 
 
Three
Months Ended
 
 
 
September
3
0
,
 
 
 
2016
 
 
2015
 
Net sales
   $ -     $ -  
Pre-tax earnings
     (62 )     (248 )
(Provision) benefit for taxes
     12       88  
Net earnings (loss) from discontinued operations
   $ (50 )   $ (160 )
 
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.
 
Assets and liabilities related to our discontinued operations appear in the condensed consolidated balance sheets are as follows (in thousands):
 
 
 
September 30,
2016
 
 
June 30,
2016
 
Other non-current assets
     14       14  
Accrued expenses
     1,221       1,204  
Accrued pension and other non-current liabilities
     221       55