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Note 13 - Disposition of Majority Interest in Subsidiary
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12 Months Ended |
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Jun. 30, 2012
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| Mergers, Acquisitions and Dispositions Disclosures [Text Block] |
(13)
DISPOSITION OF MAJORITY INTEREST IN
SUBSIDIARY
In February
2011, the Company entered into a joint venture, whereby the
Company sold a 65% majority interest, in its TruckersB2B
subsidiary to an unrelated third
party. TruckersB2B will continue normal daily
operations with an expanding sales and marketing team to
develop growth. TruckersB2B is controlled by a
five person executive committee, of which the Company has
two committee seats. In conjunction with the
transaction, the Company recognized a pre-tax gain of $4.1
million and de-consolidated the subsidiary, including $2.4
million of goodwill, which reduced the carrying balance of
goodwill to $16.7 million. Approximately $2.6
million of the gain related to the fair market valuation of
the Company's continuing 35% ownership.
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