Note 17 - Sale of Subsidiary

12 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

N

OTE

1

7

— SALE OF SUBSIDIARY

On

September 30, 2014,

the Company sold the stock of its wholly owned subsidiary LSI Saco Technologies Inc., located in Montreal, Canada, for

$1.9

million cash. The sale resulted in a pre-tax loss of

$565,000.

As a result of the sale, the Company terminated the

$5

million unsecured revolving line of credit for this Canadian operation. LSI Saco reported

$41,000

of net customer sales and a $(

183,000

) operating loss in the

first

quarter of fiscal

2015

prior to the sale. The sale of LSI Saco was

not

considered the sale of a discontinued operation because the Company migrated most of its manufacturing, research and development, and selling activities from LSI Saco to the Company’s Cincinnati, Ohio location.