The Company recognized a gain on its divestiture of Lifesize video conferencing business as follows (in thousands): | | | | | | | | Year Ended | | | March 31, 2016 | Proceeds received from the divestiture of discontinued operations | | $ | 2,500 |
| Fair value of retained cost method investment as a result of the divestiture of discontinued operations | | 5,591 |
| Net liabilities of discontinued operations divested | | 9,981 |
| Currency translation loss released due to the divestiture of discontinued operations (1) | | (3,913 | ) | Transaction-related costs | | (475 | ) | Gain on divestiture of discontinued operations (2) | | $ | 13,684 |
|
(1) Currency translation loss recognized as a result of the substantial liquidation of a subsidiary using non-USD functional currency, which is part of discontinued operations
(2) Gain on divestiture of discontinued operation was included in loss from discontinued operations, net of income taxes, in the Company's consolidated statement of operations The following table presents financial results of the video conferencing classified as discontinued operations (in thousands):
| | | | | | | | Years Ended March 31, | | | 2016 | Net sales | | $ | 65,554 |
| Cost of goods sold | | 24,951 |
| Gross profit | | 40,603 |
| Operating expenses: | |
|
| Marketing and selling | | 32,260 |
| Research and development | | 16,526 |
| General and administrative | | 5,254 |
| Restructuring charges, net | | 7,900 |
| Operating expenses | | 61,940 |
| Operating loss from discontinued operations | | (21,337 | ) | Interest and other expense, net | | (205 | ) | Gain on divestiture of discontinued operations | | 13,684 |
| Loss from discontinued operations before income taxes | | (7,858 | ) | Provision for income taxes | | 1,187 |
| Net loss from discontinued operations | | $ | (9,045 | ) |
|