Divestitures (Tables)

9 Months Ended

Apr. 02, 2017

Schedule of discontinued operations results

Financial information for discontinued operations for the three and nine months ended April 2, 2017 and March 27, 2016 is as follows (in thousands):

	For the three months ended				For the nine months ended
	April 2, 2017		March 27, 2016		April 2, 2017		March 27, 2016
Sales	$	—	$	1,615	$	1,277	$	3,665
Cost of sales		—		(938)		(943)		(2,104)
Gross profit		—		677		334		1,561
Selling, general and administrative		—		(220)		(242)		(627)
Income from discontinued operations, before income taxes		—		457		92		934
Gain on sale of discontinued operations		(14)		—		5,374		—
Total income from discontinued operations, before income taxes		(14)		457		5,466		934
Income tax benefit (expense) on discontinued operations		21		—		(1,762)		—
Income from discontinued operations, net of tax	$	7	$	457	$	3,704	$	934

Discontinued Operations, Disposed of by Sale

Schedule of gain on sale of discontinued operations

Below is a summary of the gain on sale of discontinued operations (in thousands):

Gross proceeds	$	10,538
Less:
Property and equipment, net		218
Accounts receivable		918
Inventory		1,268
Other current assets		54
Accounts payable and accrued expenses		(936)
Working capital adjustment		(184)
Total net assets disposed		1,338
Goodwill		3,374
Transaction costs		393
Minority interests		(393)
Payments to minority stakeholders		452
Gain on sale of discontinued operations, before income taxes	$	5,374

Discontinued Operations, Held-for-sale

Schedule of assets and liabilities classified and disposed

The following table presents the carrying amount as of June 30, 2016, of the major classes of assets and liabilities held for sale in the condensed consolidated balance sheet (in thousands):

	June 30, 2016
Current assets:
Accounts receivable	$	727
Inventory		1,028
Other assets		63
Total current assets		1,818
Property and equipment, net		153
Goodwill		3,374
Total assets of discontinued operations	$	5,345
Current liabilities:
Accounts payable and accrued expenses	$	714
Capital lease obligations		9
Total current liabilities		723
Capital lease obligations		19
Total liabilities of discontinued operations	$	742