DISCONTINUED OPERATIONS

12 Months Ended

Jun. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

Discontinued Operations

During the third quarter of fiscal year 2013, the Company made the decision to discontinue the operations of TubeFit, which was a distributor of fittings and flanges. The inventory and equipment were sold in the fourth quarter of fiscal year 2013. The operations of TubeFit have been included in our consolidated statement of operations as discontinued operations. Results for discontinued operations for the year ended June 30, 2013 (in thousands):

	June 30, 2013
Net sales from discontinued operations	$	822
Operating loss from discontinued operations	$	(262	)
Other income (expense)	$	(144	)
Income tax benefit	$	132
Loss from discontinued operations	$	(274	)

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 for the years ended June 30, 2013 (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