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Discontinued Operations
 6 Months Ended
Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
On September 30, 2019, the Company completed the sale of 100% of the equity ownership in the Company’s wholly-owned subsidiary, Global Aviation Services, LLC ("GAS") to PrimeFlight Aviation Services, Inc., a Delaware corporation. The agreement includes a purchase price of $21 million as well as an earn-out provision of $4 million if certain performance metrics are achieved by March 31, 2020. The Company received approximately $20.5 million of total proceeds at closing after the initial net working capital adjustment. The Company recognized a pre-tax gain on the sale of GAS of approximately $10.8 million with tax impact of $2.4 million for a net of tax gain of $8.4 million in the second quarter of 2019. The gain is subject to change pending final settlement statement, final transaction costs and net working capital adjustments.

Summarized results of operations of GAS for the three and six months ended September 30, 2019 and 2018 through the date of disposition are as follows (in thousands):


Three Months Ended September 30,Six Months Ended September 30,
2019201820192018
Net sales$8,120  $8,474  $16,637  $17,522  
Operating Expense(9,015) (9,215) (17,319) (18,350) 
Loss from discontinued operations before income taxes(895) (741) (682) (828) 
Income tax benefit(660) (93) (612) (123) 
Loss from discontinued operations, net of tax$(235) $(648) $(70) $(705) 


The following table presents summary balance sheet information of GAS that is presented as discontinued operations as of March 31, 2019 (in thousands):

Assets:March 31, 2019
Cash and cash equivalents$107  
Accounts receivable, net8,197  
Income tax receivable17  
Inventories, net2,512  
Other current assets769  
Current assets of discontinued operations11,601  
Property and equipment, net554  
Intangible assets, net228  
Goodwill190  
Other non-current assets292  
Non-current assets of discontinued operations1,264  
Liabilities:
Accounts payable1,144  
Income tax payable(226) 
Accrued expenses669  
Current liabilities of discontinued operations$1,587