Discontinued Operations

9 Months Ended

Mar. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

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

DISCONTINUED OPERATIONS

During the third quarter of fiscal 2012, the Company made the decision to sell its chilled ready meals business (the "CRM business") in the United Kingdom, which was acquired in October 2011 as part of the acquisition of Daniels. The sale of the CRM business is expected to be completed by March 31, 2013. Operating results for the CRM business, which have been included in the Company's consolidated financial statements for the period subsequent to the October 2011 acquisition, have been classified as discontinued operations. Net sales and operating income reported within discontinued operations was $20,952 and $94 for the three months ended March 31, 2012, respectively, and $37,198 and $373 for the nine months ended March 31, 2012, respectively.

As of March 31, 2012, the assets and liabilities of the CRM business have been recorded at the lower of their carrying amount or fair value less cost to sell. The assets and liabilities, all of which had been classified as current in the consolidated balance sheet as the sale is expected to occur within the next 12 months, are as follows: 

Receivables	$	9,318
Inventory	5,275
Other assets	3,367
Property, plant and equipment	9,381
Intangible assets	3,111
Total assets of business held for sale	$	30,452
Accounts payable and accrued expenses	8,843
Deferred taxes	1,536
Total liabilities of business held for sale	$	10,379