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Discontinued Operations (Tables) | 6 Months Ended
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Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Components of Discontinuing Operations | Major components of net loss from discontinued operations for the quarters ended December 31, 2020 and 2019 were as follows:
| Quarter ended December 31, |  | Six months ended December 31,
| 2020 |  | 2019 |  | 2020 |  | 2019
| (in thousands) |  | (in thousands)
Net sales | $ | 68,323 |  |  | $ | 155,912 |  |  | $ | 213,373 |  |  | $ | 311,628 |
Cost of goods sold | 63,977 |  |  | 140,347 |  |  | 198,512 |  |  | 282,489 |
Gross profit | 4,346 |  |  | 15,565 |  |  | 14,861 |  |  | 29,139 |
Selling, general and administrative expenses | 6,378 |  |  | 15,016 |  |  | 17,291 |  |  | 28,825 |
Depreciation expense | — |  |  | 298 |  |  | — |  |  | 546 |
Intangible amortization expense | — |  |  | 321 |  |  | — |  |  | 746 |
Operating loss | (2,032) |  |  | (70) |  |  | (2,430) |  |  | (978) |
Interest expense, net | 269 |  |  | 430 |  |  | 394 |  |  | 913 |
Loss on disposal group | 23,122 |  |  | — |  |  | 33,808 |  |  | — |
Other (income) expense, net | (181) |  |  | (188) |  |  | 310 |  |  | (531) |
Loss from discontinued operations before taxes | (25,242) |  |  | (312) |  |  | (36,942) |  |  | (1,360) |
Income tax expense (benefit) | 13 |  |  | (52) |  |  | 17 |  |  | (339) |
Net loss from discontinued operations | $ | (25,255) |  |  | $ | (260) |  |  | $ | (36,959) |  |  | $ | (1,021) |
The major classes of assets and liabilities classified as held-for-sale in the accompanying consolidated balance sheets, were as follows as of December 31, 2020 and June 30, 2020:
| December 31, 2020 |  | June 30, 2020
| (in thousands)
Assets |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 4,970 |
Accounts receivable, net | — |  |  | 117,200 |
Inventories, net | — |  |  | 106,779 |
Prepaid expenses and other current assets | — |  |  | 23,808 |
Total current assets | — |  |  | 252,757 |
Property and equipment, net | — |  |  | 1,833 |
Deferred income taxes | — |  |  | 9,349 |
Other non-current assets | — |  |  | 6,215 |
Total assets, before valuation allowance | — |  |  | 270,154 |
Less: valuation allowance | — |  |  | (88,923) |
Total assets, net of valuation allowance (1) | $ | — |  |  | $ | 181,231 |
Liabilities |  |  |
Current liabilities: |  |  |
Accounts payable | $ | — |  |  | $ | 56,098 |
Accrued expenses and other current liabilities | — |  |  | 14,815 |
Other taxes payable | — |  |  | 20,378 |
Short-term borrowings | — |  |  | 3,524 |
Income tax payable | — |  |  | 1,085 |
Total current liabilities | — |  |  | 95,900 |
Borrowings under revolving credit facility | — |  |  | 24,704 |
Other long-term liabilities | — |  |  | 7,418 |
Total liabilities(1) | $ | — |  |  | $ | 128,022 |
(1) Total assets and liabilities of discontinued operations are classified in current assets and liabilities, respectively, in the Company's consolidated balance sheet as of June 30, 2020. The discontinued operations were disposed of during the quarter ended December 31, 2020. Significant non-cash operating items and capital expenditures reflected in the cash flows from discontinued operations for the six months ended December 31, 2020 and 2019 were as follows:
| Six months ended December 31,
| 2020 |  | 2019
| (in thousands)
Loss on disposal group | $ | 33,808 |  |  | $ | — |
Depreciation and amortization | — |  |  | 1,292 |
Capital expenditures | (58) |  |  | (8) |

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