Discontinued Operations

12 Months Ended

Jun. 27, 2015

Discontinued Operations

Discontinued Operations

Note 18. Discontinued Operations

During the second quarter of fiscal 2013, the Company closed the sale of the Hologram Business, previously within the OSP reportable segment, to OpSec Security. The Company received gross proceeds of $11.5 million in cash, which resulted in a $0.6 million gain recorded as a component of net income from discontinued operations that was offset by loss from the discontinued business in fiscal 2013. Net revenue of the Hologram Business for fiscal 2013 was $5.2 million and net loss from discontinued operations was insignificant. There was no tax effect associated with the discontinued operation.

In accordance with the applicable accounting guidance for the disposal of long-lived assets, the results of the Hologram Business have been excluded from both continuing operations and segment results for all periods presented.

The gain on recorded in connection with the sale of the Hologram Business was calculated as follows (in millions):

Gross Proceeds	$	11.5
Less: carrying value of net assets	(10.6		)
Less: selling costs	(0.3		)
Gain	$	0.6

The carrying value of the net assets sold as of October 12, 2012 are as follows (in millions):

	October 12, 2012
Accounts receivable, net	$	2.7
Inventories, net	4.4
Property, plant and equipment, net	0.8
Intangibles, net	5.8
Accounts payable and accrued expenses	(1.5		)
Other current and non-current liabilities	(1.6		)
Net assets sold	$	10.6