DISCONTINUED OPERATIONS

6 Months Ended

Sep. 30, 2017

NOTE 4. DISCONTINUED OPERATIONS

On March 18, 2015, we entered into an asset purchase agreement (“APA”) with Antech pursuant to which we sold substantially all of the assets of our AVRL business. The sale transaction closed on March 31, 2015. The total purchase price under the APA was $21.0 million in cash. During the fourth quarter of fiscal 2015, we received $20.1 million in cash proceeds and we recorded a gain on sale of discontinued operations, net of tax of $7.7 million. During the fourth quarter of fiscal 2016, we recorded $0.6 million, net of tax, as a gain on sale of discontinued operations, upon meeting certain conditions by the first anniversary of the closing date in March 2016.

The AVRL business represents a separate asset group and the sale of assets in this business qualifies as a discontinued operation and accordingly, we reported the results of operations of this business in discontinued operations within the condensed consolidated statements of income for all periods presented as applicable.

The results from discontinued operations during the three and six months ended September 30, 2017 and 2016 were as follows (in thousands):

	Three Months Ended September 30,					Six Months Ended September 30,
Discontinued operations:	2017		2016			2017		2016
Revenues	$	167	$	165		$	321	$	346
Cost of revenues		167		165			321		346
Gross profit		-		-			-		-
Operating expenses		-		87			-		87
Loss before income tax benefit		-		(87	)		-		(87	)
Income tax benefit		-		(32	)		-		(32	)
Net loss of discontinued operations	$	-	$	(55	)	$	-	$	(55	)

The current assets and liabilities of discontinued operations as of September 30, 2017 and March 31, 2017 were as follows (in thousands):

	September 30, 2017		March 31, 2017
Receivables, net	$	19	$	66
Total current assets of discontinued operations	$	19	$	66

Other current liabilities	$	29	$	85
Total current liabilities of discontinued operations	$	29	$	85