Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Notes)

v2.4.0.8
Discontinued Operations (Notes)
 12 Months Ended
Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Note 3 - Discontinued Operations
As discussed in detail in Note 2, on March 31, 2014, pursuant to the Sale Deed, the Company completed the sale of Palm Valley and Dingo to Central PV. The assets of Palm Valley and Dingo were previously reported under the MPA segment, accordingly, results of operations associated with this sale were reclassified to discontinued operations for fiscal year 2014. Prior year amounts related to discontinued operations in the consolidated statements of operations and statements of cash flows have also been reclassified to conform to the current year presentation. Summarized results of the Company's discontinued operations are as follows:
 
June 30,
 
2014
 
2013
 
(In thousands)
Revenue
$
814

 
$
939

Loss from discontinued operations, net of tax
$
(4,461
)
 
$
(2,938
)
As of June 30, 2014, the gain on disposal of discontinued operations can be summarized as follows:
 
June 30,
 
2014
 
2013
 
(In thousands)
Assets and liabilities sold:
 
 
 
Property and equipment, net
$
(10,100
)
 
$
(9,627
)
Deferred income taxes
(7,217
)
 
(7,217
)
Goodwill allocated to the disposal group
(1,000
)
 
(1,000
)
Asset retirement obligations
4,457

 
4,575

Purchase price adjustments
743

 
—

Total assets and liabilities of discontinued operations
(13,117
)
 
(13,269
)
 
 
 
 
Consideration:
 
 
 
First cash installment - received on Central Closing Date
13,859

 
 
Second cash installment - received on April 15, 2014
4,695

 
 
Stock of Central
19,147

 
 
Total consideration
37,701

 
 
 
 
 
 
Reclassification of foreign currency translation gains to earnings upon sale of foreign subsidiary
5,767

 
 
Transaction costs
(339
)
 
 
Gain on disposal of discontinued operations, net of tax
$
30,012