Note 6 - Discontinued Operations

12 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

NOTE 6.  DISCONTINUED OPERATIONS

In June 2012, we completed the sale of our Americana, Brazil facility and recorded proceeds of $6,301. During 2012, we recorded pre-tax charges of $49,174 related to impairment of long-lived assets at this facility. We also recognized tax benefits totaling $23,357 in 2012 associated with our exit of the business. The operating results, as well as the impairment charges and tax benefits, are reported in discontinued operations in the consolidated statements of operations on an after-tax basis.

Below are the amounts attributed to the Americana sale included in discontinued operations in the consolidated statements of operations.

	2013		2012			2011
Net sales	$	-	$	14,288		$	24,845
Gross margin	$	-	$	(587	)	$	(4,424	)
Impairment and restructuring charges	$	-	$	51,911		$	-
Operating loss	$	-	$	(52,498	)	$	(4,424	)
Earnings before income taxes	$	-	$	(52,244	)	$	(4,538	)
Income tax benefit	$	1,369	$	23,357		$	-
Income (loss) from discontinued operations, net of tax	$	1,369	$	(28,887	)	$	(4,538	)

During 2013, we recorded an out-of-period adjustment to increase the amount of the tax benefit associated with our exit of the business in Americana, Brazil in the amount of $1,369. This amount is recorded as income from discontinued operations in the consolidated statements of operations for 2013. After evaluating the quantitative and qualitative aspects of the adjustment, we determined that our previously issued annual consolidated financial statements were not materially misstated and that the out-of-period adjustment is immaterial to our estimated full year 2013 results and to our earnings trends.