DISCONTINUED OPERATIONS

6 Months Ended

Dec. 31, 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 in December 2013.

The transfer agency results, together with expenses associated with discontinuing transfer agency operations, are reflected as discontinued operations in the statement of operations and are therefore excluded from continuing operations results.

There were no assets and liabilities related to the transfer agency business at December 31, 2014.

The components of loss from discontinued operations were as follows for the three and six months ended December 31, 2014, and 2013:

	Six Months Ended December 31,					Three Months Ended December 31,
(dollars in thousands)	2014		2013			2014		2013
Operating revenue	$	—	$	540		$	—	$	227
Operating expenses	—		898			—		541
Loss from discontinued operations before income taxes	—		(358		)	—		(314		)
Income tax benefit	—		(122		)	—		(107		)
Loss from discontinued operations, net of tax	$	—	$	(236	)	$	—	$	(207	)