P. RESTRUCTURING OF OPERATIONS

In response to challenging global market conditions within the Company’s oil and gas, global pleasure craft and commercial marine markets, the Company undertook a series of restructuring actions starting in late fiscal 2015 through the fourth quarter of fiscal 2016, which primarily involved the elimination of several full-time positions at its operations primarily in the U.S., Italy, and Singapore. These actions resulted in a pre-tax restructuring charge of $921 and $3,282 in fiscal 2016 and 2015, respectively. During fiscal 2014, the Company recorded a pre-tax restructuring charge of $961 to further reduce headcount relating to actions that were initiated in fiscal 2013 in our Belgium operations.

The following is a roll-forward of restructuring activity:

Accrued restructuring liability, June 30, 2014	$	785
Additions		3,282
Payments and adjustments		(291	)
Accrued restructuring liability, June 30, 2015		3,776
Additions		921
Payments and adjustments		(3,896	)
Accrued restructuring liability, June 30, 2016	$	801

During fiscal 2016, as part of its initiative to focus resources on core manufacturing and product development activities aimed at improving profitability, the Company sold one of its distribution entities in the U.S. The proceeds of $4,100 represent the sale of distribution rights to its southeastern U.S. territories, amounting to $600, and certain assets, consisting primarily of inventories, for $3,500. The gain on sale of $445 is recorded as other operating income in the statement of operations.