Spin-Off Of Business

12 Months Ended

Jun. 30, 2015

Discontinued Operations And Disposal Groups [Abstract]

Spin-Off Of Business

(4) SPIN-OFF OF BUSINESS

On June 13, 2014, the Company completed a spin-off of OVS, a company that provides voice and managed services. Prior to the spin-off, on March 7, 2014, OVS converted from a corporation to a limited liability company. At that time, certain tax attributes were retained by the Company in connection with the conversion, primarily deferred tax assets associated with net operating loss carry forwards totaling $13.7 million. On the spin-off date, the remaining net assets of OVS were distributed to CII.

The spin-off is reported as an equity distribution at carryover basis equal to the net assets and liabilities of OVS on the spin-off date, as the transaction was between entities under common control.

The Company determined that all significant cash flows and continuing involvement associated with the operations of OVS were discontinued. The results of operations of OVS are reported as discontinued operations in the accompanying consolidated financial statements for all periods presented and are presented net of intercompany eliminations.

Earnings from discontinued operations, net of income taxes in the accompanying consolidated statements of operations are comprised of the following:

	Period Ended June 30, 2014		Year Ended June 30, 2013
Revenues	$	75.7	$	80.2
Earnings before income taxes	$	10.0	$	17.0
Income tax expense		7.7		8.6
Earnings from discontinued operations, net of income taxes	$	2.3	$	8.4