Note 2 - Discontinued Operations

6 Months Ended

Sep. 26, 2020

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 ASC 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 Consolidated Balance Sheets (in thousands):

	September 26,		September 28,		March 31,
	2020		2019		2020
Other Current Assets		157		98		182
Current Assets Held For Sale-Discontinued Operations	$	157	$	98	$	182
Other Assets		1,085		1,143		1,026
Noncurrent Assets Held For Sale-Discontinued Operations	$	1,085	$	1,143	$	1,026
Accounts Payable and Accrued Expenses	$	-	$	3,649	$	880
Current Liabilities Held For Sale-Discontinued Operations	$	-	$	3,649	$	880