|
Note 13 - Disposition of Majority Interest in Subsidiary
|
3 Months Ended |
|---|---|
|
Sep. 30, 2011
|
|
| 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. Approximately $2.6
million of the gain related to the fair market valuation of
the Company's continuing 35% ownership.
|