Note 2 - Discontinued Operations

9 Months Ended

Dec. 26, 2020

Discontinued Operations [Member]

Notes to Financial Statements

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

2.           Discontinued Operations

On July 13, 2018, the Company executed a nonbinding letter of intent with a perspective buyer of the Modesto facility. On October 9, 2018, the Company closed on the sale of the facility to this outside buyer with net proceeds of $63,326,000. During the second quarter of fiscal 2019, the Company ceased use of the Modesto facility. Based on its magnitude of revenue to the Company (approximately 15%) and because the Company was exiting the production of peaches, this sale represented a significant strategic shift that has a material effect on the Company’s operations and financial results. Accordingly, the Company has applied discontinued operations treatment for this sale as required by ASC 210-05—Discontinued Operations. The business we exited is part of the Fruit and Vegetable segment.

The following table presents information related to the major classes of assets and liabilities of Modesto that are classified as Held For Sale-Discontinued Operations in the Company's Consolidated Balance Sheets (in thousands):

	December 26,		December 28,		March 31,
	2020		2019		2020
Other Current Assets		263		98		182
Current Assets Held For Sale-Discontinued Operations	$	263	$	98	$	182
Other Assets		822		1,054		1,026
Noncurrent Assets Held For Sale-Discontinued Operations	$	822	$	1,054	$	1,026
Accounts Payable and Accrued Expenses	$	-	$	2,744	$	880
Current Liabilities Held For Sale-Discontinued Operations	$	-	$	2,744	$	880

The operating results of the discontinued operations that are reflected in the Unaudited Condensed Consolidated Statements of Net Earnings from discontinued operations are as follows (in thousands):

	Three Months Ended					Nine Months Ended
	December 26,		December 28			December 26,		December 28
	2020		2019			2020		2019
Net Sales	$	-	$	-		$	-	$	-
Cost of Product Sold		-		57			-		57
Plant Restructuring Credit (a)		-		(902	)		-		(902	)
Earnings From Discontinuned Operations Before Income Taxes		-		(845	)		-		(845	)
Gain on the Sale of Assets Before Income Taxes		-		(430	)		-		(430	)
Income Tax Expense		-		320			-		320
Net Earnings From Discontinued Operations, Net of Tax	$	-	$	(955	)	$	-	$	(955	)

(a) Includes $902,000 credit for pension termination in the three and nine month periods of prior year, respectively.