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Note 4 - Discontinued Operations

3 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

4

)     

Discontinued Operations

In pursuing our business strategy, the Company has divested certain businesses and recorded activities of these businesses as discontinued operations.  During the

first

quarter of

2019,

the Company decided to divest its Cooking Solutions Group, which consists of

three

operating segments, in order to focus its financial assets and managerial resources on its remaining portfolio of businesses.  The Company believes that the sale will be completed before the end of the fiscal year and has concluded that all criteria of ASC

205

-

20

-

45

have been met as of

September 30

to classify the

three

operating segments as discontinued operations. 

Results of the Cooking Solutions Group in current and prior periods have been classified as discontinued in the Condensed Consolidated Financial Statements to exclude the results from continuing operations. Activity related to the Cooking Solutions Group and other discontinued operations for the

three

months ended

September 30, 2018

and

2017

is as follows (in thousands):

		Three Months Ended
		September 30,
		2018				2017
Net sales		$	24,448			$	25,237
Income from operations			1,832				2,069
Provision for taxes			333				767
Net income from discontinued operations			1,499				1,302

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

		September 30, 2018				June 30, 2018
Accounts receivable		$	12,242			$	14,445
Inventories			23,281				22,923
Prepaid Expenses			792				303
Total current assets			36,315				37,671
Property, plant, equipment, net			7,571				7,637
Intangible assets, net			12,880				13,137
Goodwill			40,011				40,011
Other non-current assets			1,271				1,374
Total non-current assets			61,733				62,159
Total Assets		$	98,048			$	99,830
Accounts Payable		$	10,235			$	10,759
Accrued Liabilities			8,438				7,897
Income Tax Payable			9				9
Total current liabilities			18,682				18,665
Non-current Liabilities			50				50
Total Liabilities		$	18,000			$	17,968

The Company has concluded that the fair value of the Cooking Solutions Group net assets exceeds the net book value of the assets.

X

- References

No definition available.

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X

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2122178

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