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Note 5 - Discontinued Operations | 6 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 5 ) 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 and a minority interest investment, 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 to classify the three operating segments and minority interest investment as discontinued operations. During the second quarter of fiscal 2019, we sold our minority interest investment to the majority shareholders. Results of the Cooking Solutions Group in current and prior periods have been classified as discontinued operations 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 and six months ended December 31, 2018 and 2017 is as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | December 31, |  |  | December 31, |
|  | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Net Sales |  | $ | 23,980 |  |  | $ | 24,057 |  |  | $ | 48,427 |  |  | $ | 49,295 |
Income from Operations |  |  | 1,777 |  |  |  | 1,691 |  |  |  | 3,608 |  |  |  | 3,742 |
Non-Operating Income / (Loss) |  |  | (658 | ) |  |  | 135 |  |  |  | (592 | ) |  |  | 276 |
Profit Before Taxes |  |  | 1,119 |  |  |  | 1,826 |  |  |  | 3,016 |  |  |  | 4,018 |
Provision for Taxes |  |  | 195 |  |  |  | 283 |  |  |  | 528 |  |  |  | 1,050 |
Net income from Discontinued Operations |  | $ | 924 |  |  | $ | 1,543 |  |  | $ | 2,488 |  |  | $ | 2,968 |
Assets and liabilities related to our discontinued operations appear in the condensed consolidated balance sheets are as follows (in thousands):
|  | December 31, 2018 |  |  | June 30, 2018 |
Accounts receivable |  | $ | 11,700 |  |  | $ | 14,445 |
Inventories |  |  | 23,865 |  |  |  | 22,923 |
Prepaid Expenses |  |  | 527 |  |  |  | 303 |
Total current assets |  |  | 36,092 |  |  |  | 37,671 |
Property, plant, equipment, net |  |  | 7,556 |  |  |  | 7,637 |
Intangible assets, net |  |  | 12,701 |  |  |  | 13,137 |
Goodwill |  |  | 40,011 |  |  |  | 40,011 |
Other non-current assets |  |  | 1,186 |  |  |  | 1,374 |
Total non-current assets |  |  | 61,454 |  |  |  | 62,159 |
Total Assets |  | $ | 97,546 |  |  | $ | 99,830 |
Accounts Payable |  | $ | 9,853 |  |  | $ | 10,759 |
Accrued Liabilities |  |  | 9,053 |  |  |  | 7,897 |
Income Tax Payable |  |  | - |  |  |  | 9 |
Total current liabilities |  |  | 18,906 |  |  |  | 18,665 |
Non-current Liabilities |  |  | 50 |  |  |  | 50 |
Total Liabilities |  | $ | 18,956 |  |  | $ | 18,715 |
Net Assets |  | $ | 78,590 |  |  | $ | 81,115 |
The Company believes that the fair value of the Cooking Solutions Group net assets exceeds the net book value of the assets.

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- 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 + Details
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