Note 15 - Discontinued Operations

12 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

15. Discontinued OperationS

In December 2011, the Company decided to divest the ADP business unit. In connection with this decision, the Company adjusted the carrying value of ADP’s assets to their net realizable value based on a range of expected sale prices. As a result, the Company recorded goodwill impairment charges of $14.9 million and impairment charges of $5.0 million to fixed assets.

On March 30, 2012, ADP was sold to a private equity buyer for consideration of $16.1 million consisting of $13.1 million in cash and a $3.0 million note secured by first mortgages on three ADP facilities. During the quarter ended March 31, 2012, additional pre-tax charges of $2.6 million were taken in connection with the closing of the sale. These charges related primarily to the impairment of a non-cancellable lease liability that the buyer elected not to assume as part of the purchase.

Earnings (losses) from discontinued operations include the following results for the years ended June 30 (in thousands):

	Year Disposed	2013			2012			2011
Sales:
Air Distribution Products Group	2012	$	-		$	43,537		$	52,384
Income (loss) before taxes:
Air Distribution Products Group	2012		(451	)		(24,871	)		(2,841	)
Berean Christian Bookstores	2007		(12	)		(184	)		(635	)
Other loss from discontinued operations			(195	)		(269	)		(490	)
Income (loss) before taxes from discontinued operations			(658	)		(25,324	)		(3,966	)
(Provision) benefit for tax			184			9,322			1,307
Net income (loss) from discontinued operations		$	(474	)	$	(16,002	)	$	(2,659	)

Assets and liabilities related to discontinued operations to be retained by the Company are recorded in the Consolidated Balance Sheets at June 30 under the following captions (in thousands):

	2013
Current assets	$	483
Other non-current assets		3,000
Accrued expenses		795
Other non-current liabilities		3,219