Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.1.9
Discontinued Operations
 9 Months Ended
Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Note 3 - Discontinued Operations
As discussed in detail in Note 2 - Sale of Amadeus Basin Assets, 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 cash 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,
 
 
2015
 
2014

2015

2014
 
(In thousands)
(In thousands)
Revenue
 
$
—

 
$
356


$
—


$
814

Net income from discontinued operations
 
$
—

 
$
27,593


$
—


$
24,937


The Company recorded 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
 
(In thousands)
Assets and liabilities sold
 
Property and equipment, net
$
(10,100
)
Deferred income taxes
(7,217
)
Goodwill allocated to disposal group
(1,000
)
Asset retirement obligations
4,457

Other assets and liabilities, net
1,178

Total assets and liabilities of discontinued operations
(12,682
)
 
 
Consideration
 
First cash installment - received on 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


For additional information about the sale of the Amadeus Basin assets and the Sale Deed, see Note 2 - Sale of Amadeus Basin Assets.