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Sales of Assets Sales of Assets (Tables) | 12 Months Ended
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Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations | Assets related to the divested operations have been reclassified in the Consolidated Balance Sheet as of June 30, 2022, which are detailed in the table below:
(In thousands) |  |  | June 30, 2022
Current assets, discontinued operations: |  |  |
Inventories |  |  | $ | 42,050 |
Non-current assets, discontinued operations: |  |  |
Property, plant and equipment, net |  |  | 95,943 |
The operating results of the divested operations, have been reclassified as discontinued operations in the Consolidated Statements of Operations for the years ended June 30, 2023, 2022 and 2021, as detailed in the table below:
|  | For the year ended June 30,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Net sales |  | $ | 160,977 |  |  | $ | 154,410 |  |  | $ | 135,939 |
Cost of goods sold |  | 162,227 |  |  | 151,309 |  |  | 130,795 |
Gross (loss) profit |  | (1,250) |  |  | 3,101 |  |  | 5,144 |
Selling expenses |  | 6,578 |  |  | 7,819 |  |  | 7,220 |
General and administrative expenses |  | 4,750 |  |  | 3,929 |  |  | 3,968 |
Loss on sale of assets |  | 25,414 |  |  | — |  |  | — |
Operating expense |  | 36,742 |  |  | 11,748 |  |  | 11,188 |
Loss from discontinued operations |  | (37,992) |  |  | (8,647) |  |  | (6,044) |
Other (expense) income: |  |  |  |  |  |
Interest expense |  | (9,008) |  |  | (5,507) |  |  | (6,061) |
Other, net |  | 1,124 |  |  | 42 |  |  | 334 |
Total other (expense) |  | (7,884) |  |  | (5,465) |  |  | (5,727) |
Loss from discontinued operations before taxes |  | (45,876) |  |  | (14,112) |  |  | (11,771) |
Income tax benefit |  | (734) |  |  | (425) |  |  | (333) |
Loss from discontinued operations, net of income taxes |  | $ | (45,142) |  |  | $ | (13,687) |  |  | $ | (11,438) |
Applicable Consolidated Statements of Cash Flow information related to the divested operations for the years ended June 30, 2023, 2022 and 2021 are detailed in the table below:
|  | For the Years Ended June 30,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Cash Flows from Discontinued Operations |  |  |  |  |  |
Net cash provided by (used in) operating activities |  | 444 |  |  | (13,192) |  |  | (1,935) |
Net cash provided by (used in) investing activities |  | 88,105 |  |  | (1,539) |  |  | (5,540) |
During the fiscal year ended June 30, 2023, the Company completed the sale of the following branch properties related to continuing operations (in thousands):
Name of Branch Property |  | Date Sold |  | Sales Price |  | Net Proceeds |  | Gain |  |  |  |  |  |
Portland, Oregon |  | 9/23/2022 |  | $ | 1,990 |  |  | $ | 1,880 |  |  | $ | 1,770 |  |  |  |  |  |  |
San Diego, California |  | 9/19/2022 |  | 7,574 |  |  | 7,169 |  |  | 6,425 |  |  |  |  |  |  |
Fresno, California |  | 10/7/2022 |  | 760 |  |  | 716 |  |  | 648 |  |  |  |  |  |  |
Sacramento, California |  | 2/15/2023 |  | 2,174 |  |  | 2,051 |  |  | 1,941 |  |  |  |  |  |  |
The following table presents net carrying value related to the major classes of assets that were classified as held for sale from continuing operations at June 30, 2023 and June 30, 2022 :
(In thousands) |  | June 30, 2023 |  | June 30, 2022
Building and facilities |  | $ | 4,327 |  |  | $ | 67 |
Land |  | 3,443 |  |  | 965 |
Assets held for sale - continuing operations |  | $ | 7,770 |  |  | $ | 1,032 |

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