Discontinued Operations

12 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On January 30, 2014, we sold effectively all of the net operating assets of our candle manufacturing and marketing operations for approximately $28 million in cash. Net proceeds from the sale, after post-closing adjustments and transaction costs, totaled approximately $25.6 million. The transaction resulted in a pretax loss of approximately $44.0 million and a tax benefit of approximately $15.0 million, which were recorded in the year ended June 30, 2014. The financial results of these operations are reported as discontinued operations for all periods presented herein. The discontinued operations, previously included in our Glassware and Candles segment, had net sales of approximately $89.4 million, $152.1 million and $142.4 million, for the years ended June 30, 2014, 2013 and 2012, respectively, and a pretax loss of approximately $39.4 million, including the pretax loss on sale, for the year ended June 30, 2014, and pretax income of $8.2 million and $4.8 million for the years ended June 30, 2013 and 2012, respectively.

At June 30, 2013, the assets and liabilities of our discontinued operations were as follows:

	June 30,   2013
Cash	$	1
Receivables	14,061
Inventory	41,342
Other current assets	573
Current assets of discontinued operations	55,977
Property, plant and equipment	21,621
Other noncurrent assets	980
Noncurrent assets of discontinued operations	22,601
Total assets of discontinued operations	$	78,578
Accounts payable	$	5,431
Accrued liabilities	2,685
Current liabilities of discontinued operations	$	8,116