Discontinued Operations

6 Months Ended

Sep. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

Sale of Assets of RSG - Fiscal 2014

On July 1, 2013, we completed the sale of our RSG business to Kyrus Solutions, Inc. (Kyrus), an affiliate of Clearlake Capital Group, L.P., for total consideration of approximately $37.6 million in cash, including a working capital adjustment of $3.1 million. Upon the close of the transaction, the aggregate purchase price was reduced by fees of approximately $1.6 million for transaction related costs, resulting in net proceeds received of approximately $36.0 million. In addition to the purchase agreement, we entered into a transition services agreement (TSA) with Kyrus, under which we provide certain transitional administrative and support services to Kyrus through December 31, 2013 with the possibility of a one month extension.

Components of Results of Discontinued Operations

For the three and six months ended September 30, 2013 and 2012, the income from discontinued operations was comprised of the following:

	Three months ended				Six months ended
	September 30,				September 30,
(In thousands)	2013		2012		2013		2012
Discontinued operations:
Net revenue	$	—	$	30,264	$	24,315	$	59,777
Income from operations of RSG	—		1,655		895		2,999
Gain on sale of RSG	23,135		—		23,135		—
Income on sale of RSG	23,135		1,655		24,030		2,999
Income tax (benefit) expense	2,055		591		1,995		1,073
Income from discontinued operations	$	21,080	$	1,064	$	22,035	$	1,926