Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
 9 Months Ended
Mar. 31, 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, MPA's results of operations associated with this sale were reclassified to discontinued operations in the third quarter of fiscal year 2014. Prior period amounts related to discontinued operations in the unaudited condensed consolidated statement of operations and statement of clash flows have also been reclassified to conform to the current period presentation. Summarized results of the Company's discontinued operations are as follows:
 
THREE MONTHS ENDED
 
NINE MONTHS ENDED
 
March 31,
 
March 31,
 
2014
 
2013
 
2014
 
2013
 
(In thousands)
Revenue
$
356

 
$
231

 
$
814

 
$
738

Net income (loss) from discontinued operations
$
27,593

 
$
(606
)
 
$
24,937

 
$
(5,564
)

The Company reasonably estimated potential purchase price adjustments pursuant to the Sale Deed relating to the reimbursement of Dingo development costs and post completion costs. As of March 31, 2014, the gain related to the Company's discontinued operations is summarized as follows:
 
March 31,
2014
 
June 30,
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 disposal group
(1,000
)
 
(1,000
)
Asset retirement obligations
4,457

 
4,575

Other assets and liabilities, net (1)
1,178

 
—

Total assets and liabilities of discontinued operations
(12,682
)
 
(13,269
)
 

 
 
Consideration
 
 
 
First cash installment - received at Central Closing Date
13,859

 
 
Second cash installment - received on April 15, 2014
4,624

 
 
Stock of Central
19,147

 
 
Total consideration
37,630

 
 
 
 
 
 
Reclassification of foreign currency translation gains to earnings upon sale of foreign subsidiary
6,049

 
 
Transaction costs
(815
)
 

Gain on disposal of discontinued operations, net of tax
$
30,182

 
 
(1) Includes preliminary purchase price adjustments that have not been finalized.
For additional information about the sale of the Amadeus Basin assets and the Sale Deed, see Note 2 - Sale of Amadeus Basin Assets.