Discontinued Operations

3 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

On September 30, 2019, the Company completed the sale of 100% of the equity ownership in GAS to PrimeFlight Aviation Services, Inc., a Delaware corporation. The agreement included a purchase price of $21.0 million as well as an earn-out provision of $4.0 million if certain performance metrics were achieved by March 31, 2020. The Company received approximately $20.5 million of total proceeds at closing after the initial net working capital adjustment, and has concluded that the performance metrics with regard to the earn-out provision have not been met. The Company recognized a pre-tax gain on the sale of GAS of approximately $10.5 million with tax impact of $2.3 million for a net of tax gain of $8.2 million during the fiscal year ended March 31, 2020. The gain is subject to change pending final transaction costs and net working capital adjustments. As of June 30, 2020, the settlement statement has not been finalized.

Summarized results of operations of GAS for the three months ended June 30, 2020 and 2019 are as follows (in thousands):


	Three Months Ended June 30,
	2020		2019
Net sales	$	—	$	8,517
Operating Expense	—		(8,303)
Income from discontinued operations before income taxes	—		214
Income tax expense	—		(53)
Income from discontinued operations, net of tax	$	—	$	161