Discontinued Operations

9 Months Ended

Mar. 31, 2014

Discontinued Operations [Abstract]

Discontinued Operations

11.Discontinued Operations

On August 30, 2012, the Company sold substantially all of the assets of its Commercial Products Business Unit (“CBU”), for approximately $838,000 in cash. The purchaser also assumed certain liabilities and obligations of CBU.  The Company retained the CBU accounts receivable balance at August 30, 2012 of approximately $608,000.  The sale of CBU resulted in an after-tax gain of approximately $124,000 in the first quarter of fiscal year 2013 that offset a loss on the CBU operations of $98,000.  In the third quarter of fiscal year 2013, the Company recorded an after-tax gain of $31,000 related to the settlement of certain liabilities. 

Information regarding revenue and operating results of CBU included in discontinued operations is as follows (in thousands):

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	3/31/2014		3/31/2013		3/31/2014		3/31/2013
Net Sales	$	-	$	-	$	-	$	595
Operating Loss	$	-	$	-	$	-	$	(148)

The operating loss reported for CBU above does not include corporate costs previously allocated between the Company’s operating segments, which remain with the Company.

The Company’s balance sheet at March 31, 2014 and June 30, 2013, did not have any assets or liabilities related to CBU.