Divestitures (Tables)

12 Months Ended

Jun. 30, 2017

GF&F | Discontinued Operations, Held-for-sale

Schedule of discontinued operations results

The operating results of GF&F classified as discontinued operations are summarized below (in thousands):

	For the year ended
	June 30, 2017		June 30, 2016
Sales	$	4,782	$	4,757
Cost of sales		(3,619)		(3,480)
Gross profit		1,163		1,277
Selling, general and administrative		(671)		(764)
Income from discontinued operations, before income taxes		492		513
Income tax expense on discontinued operations		(168)		(172)
Income from discontinued operations, net of tax	$	324	$	341

Schedule of assets and liabilities classified as held for sale or disposed

The following table presents the carrying amount as of June 30, 2017 and 2016, of GF&F’s major classes of assets and liabilities held for sale in the consolidated balance sheets (in thousands):

	June 30, 2017		June 30, 2016
Current assets:
Accounts receivable, net	$	687	$	509
Inventories, net		717		1,085
Prepaid expenses and other current assets		48		67
Total current assets		1,452		1,661
Property and equipment, net		181		184
Goodwill		1,712		1,712
Total assets of discontinued operations	$	3,345	$	3,557
Current liabilities:
Accounts payable and accrued expenses	$	283	$	266
Total current liabilities		283		266
Other long-term liabilities		260		225
Total liabilities of discontinued operations	$	543	$	491

TeknaSeal | Discontinued Operations, Held-for-sale or Disposed of by Sale

Schedule of discontinued operations results

Financial information for discontinued operations for the years ended June 30, 2017 and 2016 is as follows (in thousands):

	For the year ended
	June 30, 2017		June 30, 2016
Sales	$	1,277	$	4,959
Cost of sales		(943)		(2,935)
Gross profit		334		2,024
Selling, general and administrative		(242)		(846)
Income from discontinued operations, before income taxes		92		1,178
Gain on sale of discontinued operations		5,374		—
Total income from discontinued operations, before income taxes		5,466		1,178
Income tax expense on discontinued operations		(1,789)		(400)
Income from discontinued operations, net of tax	$	3,677	$	778

TeknaSeal | 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

TeknaSeal | Discontinued Operations, Held-for-sale

Schedule of assets and liabilities classified as held for sale or disposed

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

	June 30, 2016
Current assets:
Accounts receivable, net	$	727
Inventories, net		1,028
Prepaid expenses and other current assets		89
Total current assets		1,844
Property and equipment, net		153
Goodwill		3,374
Total assets of discontinued operations	$	5,371
Current liabilities:
Accounts payable and accrued expenses	$	714
Capital lease obligations		9
Total current liabilities		723
Capital lease obligations		19
Other long-term liabilities		442
Total liabilities of discontinued operations	$	1,184