The table below presents summarized financial information of equity method investees based on audited results.



	Greater Than 50 Percent Owned (1)
	2015			2014			2013
	(Dollars in thousands)
Summarized Balance Sheet Information:
Current assets	$	46,438		$	54,774		$	35,900
Noncurrent assets	44,921			57,803			91,847
Current liabilities	18,782			24,797			25,317
Noncurrent liabilities	34,770			33,004			21,560
Summarized Statement of Operations Information:
Gross revenue	$	154,997		$	166,540		$	170,964
Gross profit	38,557			52,440			58,457
Operating (loss) income	(4,264		)	(33,526		)	4,981
Net (loss) income	(16,738		)	(26,699		)	2,359

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(1)	Represents the summarized financial information of EEG. As EEG is a significant subsidiary for the fiscal year 2015 financial statements, the separate financial statements of EEG are included subsequent to the Company's financial statements. Gross profit includes depreciation and amortization expense of $4.1, $5.8, and $7.4 million for fiscal years 2015, 2014 and 2013, respectively.

Investment in Empire Education Group, Inc.

As of June 30, 2015 and 2014, the Company's ownership interest in Empire Education Group, Inc. (EEG) was 54.6% and 54.5%, respectively, and the carrying amount of the investment in EEG as of June 30, 2015 was $14.8 million. EEG operates accredited cosmetology schools and is managed by the Empire Beauty School executive team. The Company accounts for EEG as an equity investment under the voting interest model.

During fiscal year 2015 the Company recorded its share of a non-cash deferred tax asset valuation allowance recorded by EEG of $6.9 million. During fiscal years 2014 and 2013 the Company recorded its share of pretax non-cash impairment charges recorded by EEG for goodwill and fixed and intangible asset impairments of $21.2 and $2.1 million, respectively. In addition, during fiscal years 2015 and 2013, the Company recorded other than temporary impairment charges of its investment in EEG of $4.7 and $17.9 million, respectively, to account for the negative business impacts resulting from regulatory changes including declines in enrollment, revenue and profitability in the for-profit secondary educational market. The Company did not receive a tax benefit on these impairment charges.

Due to economic, regulatory and other factors, including declines in enrollment, revenue and profitability in the for-profit secondary educational market, the Company may be required to record additional non-cash impairment charges related to its investment in EEG and such non-cash impairments could be material to the Company's consolidated balance sheet and results of operations. EEG does not have any goodwill recorded as of June 30, 2015. The exposure to loss related to the Company's involvement with EEG is the carrying value of the investment.

During fiscal years 2015, 2014 and 2013, the Company recorded $(2.0), $(14.5) and $1.3 million, respectively, of equity (loss) earnings related to its investment in EEG.

The Company previously provided EEG with a $15.0 million revolving credit facility and outstanding loan for which the Company received payments of $26.4 million during fiscal year 2013.

Investment in Provalliance

On September 27, 2012, the Company sold its 46.7% equity interest in Provalliance for $103.4 million. The Company previously had a right (Provalliance Equity Put), which if exercised, would require the Company to purchase an additional ownership interest in Provalliance between specified dates in 2010 to 2018. The Provalliance Equity Put was classified as a Level 3 fair value measurement as the fair value was determined based on unobservable inputs that could not be corroborated by observable market data. During fiscal year 2013, the Company recorded a $0.6 million decrease in the fair value of the Provalliance Equity Put that automatically terminated upon the sale.

Due to the sale of the Company's investment in Provalliance, the Company liquidated its foreign entities with Euro denominated operations. Amounts previously classified within accumulated other comprehensive income that were recognized in earnings were foreign currency translation rate gain adjustments of $43.4 million, a cumulative tax-effected net loss of $7.9 million associated with a cross-currency swap that was settled in fiscal year 2007 that hedged the Company's European operations, and a $1.7 million net loss associated with cash repatriation, which netted to $33.8 million for fiscal year 2013, recorded within interest income and other, net on the Consolidated Statement of Operations.

Investment in MY Style

The Company accounts for its 27.1% ownership interest in MY Style as a cost method investment. The Company previously had an outstanding note with MY Style, which matured during fiscal year 2013. The Company recorded less than $0.1 million in interest income related to the note during fiscal year 2013.

During fiscal year 2014, MY Style's parent company, Yamano Holdings Corporation (Yamano), redeemed its Class A and Class B Preferred Stock for $3.1 million. The Company had previously estimated the fair values of the Yamano Class A and Class B Preferred Stock to be negligible and recorded an other than temporary non-cash impairment. The Company reported the gain associated with Yamano's redemption within equity in loss of affiliated companies on the Consolidated Statement of Operations.