Discontinued Operations

6 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

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 included a purchase price of $21 million as well as an earn-out provision of $4 million if certain performance metrics were achieved by March 31, 2020. Those metrics were not achieved per the final settlement statement received during the three-months ended September 30, 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.

Summarized results of operations of GAS for the three and six months ended September 30, 2020 and 2019 through the date of disposition are as follows (in thousands):


	Three Months Ended September 30,				Six Months Ended September 30,
	2020		2019		2020		2019
Net sales	$	—	$	8,120	$	—	$	16,637
Operating Income (Expense)	4		(9,015)		4		(17,319)
Gain/(Loss) from discontinued operations before income taxes	4		(895)		4		(682)
Income tax expense (benefit)	—		(660)		—		(612)
Gain/(Loss) from discontinued operations, net of tax	$	4	$	(235)	$	4	$	(70)