Note 5 - Discontinued Operations

6 Months Ended

Dec. 31, 2020

Notes to Financial Statements

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

5)     Discontinued Operations

In pursuing our business strategy, the Company continues to divest certain businesses and record activities of these businesses as discontinued operations.

During the third quarter of fiscal 2020, in order to focus its financial assets and managerial resources on its remaining portfolio of businesses, the Company entered into a definitive agreement to sell the Refrigerated Solutions Group, consisting of the Master-Bilt and NorLake operating segments, to Ten Oaks Group for a cash purchase price of $10.6 million, subject to post-closing adjustments and various transaction fees. The Refrigerated Solutions Group was a part of the Company's Food Service Equipment segment and manufactured refrigerated cabinets and walk-ins for customers food service and retail end markets.

Results of the Refrigerated Solutions Group in current and prior periods have been classified as discontinued operations in the Unaudited Condensed Consolidated Financial Statements and excluded from the results of continuing operations.  Activity related to discontinued operations for the three and six months ended December 31, 2020 and 2019 is as follows (in thousands):

	Three Months Ended						Six Months Ended
	December 31,						December 31,
	2020			2019			2020			2019
Net Sales	$	-		$	36,888		$	-		$	77,354
Income (loss) from Operations	$	731		$	(70	)	$	(1,170	)	$	2,711
Profit (loss) Before Taxes	$	(847	)	$	(80	)	$	(1,673	)	$	2,532
Benefit (Provision) for Taxes	$	216		$	26		$	415		$	(719	)
Net income (loss) from Discontinued Operations	$	(631	)	$	(54	)	$	(1,258	)	$	1,813

Net assets (liabilities) were ($0.1) million and $2.3 million as of December 31, 2020 and June 30, 2020, respectively.