DISCONTINUED OPERATIONS

12 Months Ended

Mar. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

On September 30, 2019, the Company completed the sale of 100% of the equity ownership in GAS to PrimeFlight Aviation Services, Inc., a Delaware corporation. The agreement included a purchase price of $21.0 million as well as an earn-out provision of $4.0 million if certain performance metrics were achieved by March 31, 2020. The Company received approximately $20.5 million of total proceeds at closing after the initial net working capital adjustment, and has concluded that the performance metrics with regard to the earn-out provision have not been met. The Company recognized a pre-tax gain on the sale of GAS of approximately $10.5 million with tax impact of $2.3 million for a net of tax gain of $8.2 million during the fiscal year ended March 31, 2020. The gain is subject to change pending final transaction costs and net working capital adjustments. As of March 31, 2020, the settlement statement has not been finalized.

Summarized results of operations of GAS for the year ended March 31, 2020 and 2019 through the date of disposition are as follows (in thousands):


	Year ended March 31,
	March 31, 2020		March 31, 2019
Net sales	$	16,637	$	34,332
Operating Expense	(17,319)		(35,597)
Loss from discontinued operations before income taxes	(682)		(1,265)
Income tax benefit	(568)		(259)
Loss from discontinued operations, net of tax	$	(114)	$	(1,006)

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, net	8,197
Income tax receivable	16
Inventories, net	2,512
Other current assets	769
Current assets of discontinued operations	11,601
Property and equipment, net	554
Intangible assets, net	228
Goodwill	190
Other non-current assets	292
Non-current assets of discontinued operations	1,264
Liabilities:
Accounts payable	1,144
Income tax payable	(226)
Accrued expenses	669
Current liabilities of discontinued operations	$	1,587

The following table presents capital expenditures, depreciation and amortization and other significant operating non-cash items of our discontinued operations for fiscal 2020 and 2019 (in thousands):


	Fiscal year
	2020	2019
Capital expenditures	82	151
Depreciation and amortization	165	446
Goodwill and asset impairments	405	—