) 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

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.