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Note 2 - Discontinued Operations
 3 Months Ended
Jun. 29, 2019
Discontinued Operations [Member]  
Notes to Financial Statements  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
2.
Discontinued Operations
 
On
July 13, 2018,
the Company executed a nonbinding letter of intent with a perspective buyer of the Modesto facility. On
October 9, 2018,
the Company closed on the sale of the facility to this outside buyer with net proceeds of
$63,326,000.
During the
second
quarter of fiscal
2019,
the Company ceased use of the Modesto facility. Based on its magnitude of revenue to the Company (approximately
15%
) and because the Company was exiting the production of peaches, this sale represented a significant strategic shift that has a material effect on the Company’s operations and financial results. Accordingly, the Company has applied discontinued operations treatment for this sale as required by Accounting Standards Codification
210
-
05—Discontinued
Operations. The business we exited is part of the Fruit and Vegetable segment.
 
The following table presents information related to the major classes of assets and liabilities of Modesto that are classified as Held For Sale-Discontinued Operations in the Company's Condensed Consolidated Balance Sheets (in thousands):
 
   
June 29
    
June 30
  
   
2019
    
2018
  
Accounts Receivable
   $
-
     $
14,880
  
Inventories
    
-
      
1,739
  
Other Current Assets
    
98
      
77
  
                 
Current Assets Held For Sale-Discontinued Operations
   $
98
     $
16,696
  
                 
Other Assets
   $
1,143
     $
1,656
  
Property, Plant and Equipment (net)
    
-
      
19,976
  
                 
Noncurrent Assets Held For Sale-Discontinued Operations
   $
1,143
     $
21,632
  
                 
Accounts Payable and Accrued Expenses
   $
3,653
     $
25,589
  
Long-Term Debt and Capital Leases Current Portion
    
-
      
8,067
  
Current Liabilities Held For Sale-Discontinued Operations
   $
3,653
     $
33,656
  
                 
Long-Term Debt and Capital Lease Obligations
   $
-
     $
624
  
Noncurrent Liabilities Held For Sale Discontinued Operations
   $
-
     $
624
  
 
The operating results of the discontinued operations that are reflected in the Unaudited Condensed Consolidated Statements of Net Earnings (Loss) from discontinued operations are as follows:
 
   
Three Months Ended
  
   
June 29
    
June 30
  
   
2019
    
2018
  
                 
Net Sales
   $
-
     $
99,299
  
                 
Costs and Expenses:
                
                 
Cost of Product Sold
    
-
      
110,189
  
Selling, General and Administrative
    
-
      
780
  
Plant Restructuring Charge (a)
    
-
      
1,782
  
Interest (Income) Expense (b)
    
-
      
624
  
Total cost and expenses
    
-
      
113,375
  
Loss From Discontinued Operations Before Income Taxes
    
-
      
(14,076
 )
Gain on the Sale of Assets Before Income Taxes (c) (d)
    
-
      
(5,638
 )
Income Tax Benefit
    
-
      
(1,843
 )
Net Loss From Discontinued Operations, Net of Tax
   $
-
     $
(6,595
 )
 
Supplemental Information on Discontinued Operations:
                
Capital Expenditures
    
-
      
4,260
  
Depreciation
    
-
      
677
  
 
(a)
Includes
$1,653,000
of Modesto severance in
first
quarter of fiscal
2019.
(b)
Includes interest on debt directly related to Modesto including the building mortgage and equipment leases and an allocation of the Company's line of credit facility.
(c)
Includes
$663,000
gain on the sale of Modesto equipment in
first
quarter of fiscal
2019.
(d)
Includes a
$4,975,000
gain on the sale of bins in the
first
quarter of fiscal
2019.