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Note 6 - Discontinued Operations

9 Months Ended

Mar. 31, 2021

Discontinued Operations [Member]

Notes to Financial Statements

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

6) Discontinued Operations

In pursuing our business strategy, the Company may divest certain businesses. Future divestitures may be classified as discontinued operations based on their strategic significance to the Company.

During the third quarter of fiscal 2020, in order to focus its financial assets and managerial resources on its remaining portfolio of businesses, the Company entered into a definitive agreement to sell the Refrigerated Solutions Group, consisting of the Master-Bilt and NorLake operating segments, to Ten Oaks Group for a cash purchase price of $10.6 million, subject to post-closing adjustments and various transaction fees. The Refrigerated Solutions Group was a part of the Company's Food Service Equipment segment and manufactured refrigerated cabinets and walk-ins for customers in the food service and retail end markets.

Results of the Refrigerated Solutions Group in current and prior periods have been classified as discontinued operations in the Unaudited Condensed Consolidated Financial Statements and excluded from the results of continuing operations. Activity related to discontinued operations is as follows (in thousands):

		*Three Months Ended*								*Nine Months Ended*
		*March 31,*								*March 31,*
		*2021*				*2020*				*2021*				*2020*
Net Sales		$	-			$	31,565			$	-			$	108,918
Asset Impairment Charge		$	-			$	(19,996	)		$	-			$	(19,996	)
Profit (loss) Before Taxes		$	(339	)		$	(22,422	)		$	(2,011	)		$	(19,891	)
Benefit (Provision) for Taxes		$	8			$	4,047			$	423			$	3,329
Net income (loss) from Discontinued Operations		$	(331	)		$	(18,375	)		$	(1,588	)		$	(16,562	)

Net assets (liabilities) were ($0.4) million and $2.3 million as of March 31, 2021 and June 30, 2020, respectively.