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Discontinued Operations
 12 Months Ended
Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
DISCONTINUED OPERATIONS
The Company’s Board of Directors formally agreed on August 23, 2013, to exit the transfer agency business so that the Company could focus more on its core strength of investment management. USSI served as transfer agent until conversion to the new transfer agent on December 9, 2013.

The transfer agency results, together with expenses associated with discontinuing transfer agency operations, are reflected as “discontinued operations” in the Consolidated Statements of Operations and are therefore, excluded from continuing operations results. These expenses include approximately $65,000 of expenses related to leased equipment that will not be utilized. Comparative periods shown in the Consolidated Financial Statements have been adjusted to conform to this presentation.

As of June 30, 2014, remaining liabilities related to the transfer agency business totaled approximately $47,000.

The components of loss from discontinued operations were as follows:
 
 
Year Ended June 30,
(dollars in thousands)
 
2014

2013

2012
Operating revenue
 
$
529

 
$
1,348

 
$
1,654

Operating expenses
 
897

 
1,598

 
1,817

Loss from discontinued operations before income taxes
 
(368
)
 
(250
)
 
(163
)
Income tax benefit
 
(125
)
 
(85
)
 
(55
)
Loss from discontinued operations, net of tax
 
$
(243
)
 
$
(165
)
 
$
(108
)