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Note 3 - Discontinued Operations
 6 Months Ended
Dec. 31, 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
and
six
months ended
December
31,
2016
and
2015
are as follows (in thousands):
 
 
 
Three Months Ended
 
 
Six Months Ended
 
 
 
December 31,
 
 
December 31,
 
 
 
2016
 
 
2015
 
 
2016
 
 
2015
 
Net sales
   $
-
    $
-
    $
-
    $
-
 
Pre-tax earnings
    
13
      
(94
 )    
(49
 )    
(342
 )
(Provision) benefit for taxes
    
(7
 )    
19
     
5
     
107
 
Net earnings (loss) from discontinued operations
   $
6
     $
(75
 )   $
(44
 )   $
(235
 )
 
 
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 discontinued operations appear in our Unaudited Condensed Consolidated Balance Sheets as follows (in thousands):
 
 
 
December 31,
2016
 
 
June 30,
2016
 
Other non-current assets
    
14
     
14
  
Accrued expenses
    
1,060
     
1,204
  
Accrued pension and other non-current liabilities
    
-
     
55