DISCONTINUED OPERATIONS

9 Months Ended

Mar. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE N – DISCONTINUED OPERATIONS

During the third quarter of fiscal year 2013, the Company made the decision to discontinue operation of TubeFit, which was previously included within its Flanges and Fittings segment. The inventory and equipment were sold in the fourth quarter of fiscal year 2013. The operations of TubeFit are included in our consolidated statement of operations as discontinued operations for the three and nine months ended March 31, 2013, and there was no statement of operations activity in fiscal year 2014. Discontinued operations consisted of the following (in thousands):

	Three Months Ended			Nine Months Ended
	March 31, 2013			March 31, 2013
Net Sales from Discontinued Operations	$	105		$	348
Operating Loss from Discontinued Operations	$	(121	)	$	(266	)
Other Expense	$	(129	)	$	(142	)
Loss from Discontinued Operations	$	(250	)	$	(408	)

The following assets and liabilities of TubeFit were segregated into Assets of Discontinued Operations and Liabilities of Discontinued Operations as appropriate in the balance sheet dated June 30, 2013 as follows (in thousands):

	June 30, 2013
Accounts Receivable, Net	$	256
Prepaid/Other Current Assets	$	6
Assets of Discontinued Operations	$	262
Accounts Payable	$	6
Accrued Expenses	$	1
Liabilities of Discontinued Operations	$	7