INVESTMENTS IN AFFILIATES

The table below presents summarized financial information of equity method investees:



	Greater than 50 Percent Owned
	Fiscal Year
	2018			2017			2016
	(Dollars in thousands)
Summarized Balance Sheet information:
Current assets	$	40,990		$	32,649		$	46,733
Noncurrent assets	37,875			39,211			42,380
Current liabilities	21,897			18,385			18,160
Noncurrent liabilities	23,243			12,181			28,756
Summarized Statement of Operations information:
Gross revenue	$	130,082		$	125,486		$	130,302
Gross profit	40,194			41,097			34,585
Operating (loss) income	(2,239		)	(651		)	(5,857		)
Net (loss) income	(2,551		)	(899		)	(5,551		)

Investment in Empire Education Group, Inc.

The Company accounts for its 54.6% ownership interest in EEG as an equity method investment under the voting interest model.

During fiscal year 2016, the Company recorded an other than temporary impairment charge of $13.0 million, which resulted from EEG's significantly lower financial projections due to continued declines in enrollment, revenue and profitability. The full impairment of the investment followed previous non-cash impairment charges, EEG's impairment of goodwill and its establishment of a deferred tax valuation allowance in prior quarters. Prior to the other than temporary impairment charge, the Company recorded a $1.8 million loss for its portion of EEG's losses. The Company has not recorded any equity income or losses related to its investment in EEG subsequent to the impairment. The Company will record equity income related to the Company's investment in EEG once EEG's cumulative income exceeds its cumulative losses, measured from the date of impairment.

While the Company could be responsible for certain liabilities associated with this venture, the Company does not currently expect them to have a material impact on the Company's financial position.

Investment in MY Style

During fiscal year 2017, the Company sold its 27.1% ownership interest in MY Style to MY Style's parent company, Yamano Holdings Corporation for $0.5 million. This ownership interest was previously accounted for as a cost method investment. Associated with the sale, foreign currency translation loss of $0.4 million previously classified within accumulated other comprehensive income was recognized in earnings. The Company also reported a $0.2 million gain associated with the sale within interest income and other, net on the Consolidated Statement of Operations.