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DISCONTINUED OPERATIONS
 3 Months Ended
Sep. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS

The Company’s Board of Directors formally agreed on August 23, 2013, to exit the transfer agency business so that the Company could focus more on its core strength of investment management. USSI served as transfer agent until conversion to the new transfer agent in December 2013.

The transfer agency results, together with expenses associated with discontinuing transfer agency operations, are reflected as discontinued operations in the statement of operations and are therefore excluded from continuing operations results.

There were no assets and liabilities related to the transfer agency business at September 30, 2014.
 
 

The components of loss from discontinued operations were as follows for the three months ended September 30, 2014, and 2013:
 
 
Three Months Ended September 30,
 (dollars in thousands)
 
2014
 
2013
Operating revenue
 
$
—

 
$
314

Operating expenses
 
—

 
357

Loss from discontinued operations before income taxes
 
—

 
(43
)
Income tax benefit
 
—

 
(15
)
Loss from discontinued operations, net of tax
 
$
—

 
$
(28
)