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Discontinued operations and disposal group (Tables)
 12 Months Ended
Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations

The following table presents the net income from discontinued operations for the year ended March 31, 2018, March 25, 2017 and March 26, 2016:

 

     Fiscal Year Ended
         March 31, 2018           March 25, 2017           March 26, 2016    
     (In thousands, except per share amounts)
Net sales      $ 85,274       $ 170,485       $ 157,175  
Cost of sales      55,917       108,833       100,757  
  

 

 

 

  

 

 

 

  

 

 

 
Gross profit      29,357       61,652       56,418  
Selling, general and administrative expenses      23,871       47,043       42,792  
Restructuring charges      -       160       205  
Depreciation and amortization      1,285       2,416       2,438  
  

 

 

 

  

 

 

 

  

 

 

 
Total operating expenses      25,156       49,619       45,435  
  

 

 

 

  

 

 

 

  

 

 

 
Operating income      4,201       12,033       10,983  
Interest and other financial costs      2,829       5,326       5,720  
Debt extinguishment charges      2,702       -       -  
  

 

 

 

  

 

 

 

  

 

 

 
(Loss) income from discontinued operations      (1,330 )      6,707       5,263  
Income taxes (benefits)      75       (5,277 )      50  
  

 

 

 

  

 

 

 

  

 

 

 
(Loss) income from discontinued operations, net of taxes      (1,405 )      11,984       5,213  
Gain on disposal, net of taxes      29,882       -       -  
  

 

 

 

  

 

 

 

  

 

 

 
Net income from discontinued operations,      $ 28,477       $ 11,984       $ 5,213  
  

 

 

 

  

 

 

 

  

 

 

 

Weighted average common shares outstanding:

       

Basic

      17,961       17,961       17,961  

Net income from discontinued operations per common share:

       

Basic

      $ 1.58       $ 0.66       $ 0.29  

Diluted

      18,393       18,418       17,961  

Net income from discontinued operations per common share:

       

Diluted

      $ 1.55       $ 0.65       $ 0.29  

The assets and liabilities of the disposal group are presented as current or long-term as at March 25, 2017. The assets and liabilities of the disposal group were as follows as at March 25, 2017:

 

     As of  
            March 25, 2017    
            (In thousands)          

Assets

      

Current assets:

      

Accounts receivable

         11,007  

Inventories

         66,175  

Prepaids and other current assets

         780  
     

 

 

 

Total current assets

         77,962  

Property and equipment

         9,076  

Intangible assets

         298  

Other assets

         183  

Deferred income taxes

         5,303  
     

 

 

 

Total non-current assets

         14,860  
     

 

 

 

Total assets

       $ 92,822  
     

 

 

 

Liabilities

      

Current liabilities:

      

Bank indebtedness

         25,594  

Accounts payable

         28,182  

Accrued liabilities

         3,435  

Current portion of long-term debt

         417  
     

 

 

 

Total current liabilities

         57,628  

Long-term debt

         26,468  

Other long-term liabilities

         2,290  
     

 

 

 

Total long-term liabilities

         28,758  
     

 

 

 

Total liabilities

       $ 86,386  
     

 

 
Schedule of Reconciliation of Gain on Sale of Subsidiary

The table below presents the reconciliation of the gain on the sale of Mayors:

 

              October 23,    
2017

Cash proceeds on disposal

         $ 106,756  

Legal and professional fees incurred as a result of the Aurum Transaction

         $ (2,893 ) 

Cash

         $ 2,438  

Accounts receivable

         12,421  

Inventory

         70,469  

Prepaid expenses

         878  

Property and equipment

         8,839  

Intangible assets

         271  

Other assets

         193  

Deferred income tax asset

         5,303  

Accounts payable

         (21,518 ) 

Accrued expenses

         (2,809 ) 

Long-term debt

         (263 ) 

Other long-term liabilities

         (2,241 ) 
     

 

 

 

Total identifiable net assets

         73,981  
     

 

 

 

Gain on disposal, net of taxes of nil

         $         29,882