Note 5 - Discontinued Operations
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Apr. 01, 2012
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Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
Note
5 – Discontinued Operations
During
the first quarter of fiscal year 2008, the operations of
Churchill Weavers, Inc. (“Churchill”), a
wholly-owned subsidiary of the Company, ceased and all
employees were terminated. The Company is actively
marketing Churchill’s land and building for sale, and a
portion of the property was sold in July 2008. The
Churchill property is recorded at fair value, less estimated
cost to sell, and is classified as assets held for sale in
the accompanying consolidated balance sheets. The
Company determined that the fair value of the property had
fallen below its carrying value during fiscal year 2011 and
recorded an impairment charge of $121,000, which did not
result in any cash expenditures, did not have an adverse
effect on the Company’s compliance with the covenants
under its financing agreement and did not affect the
Company’s availability under its revolving line of
credit. The operations of Churchill are classified
as discontinued operations in the accompanying consolidated
statements of income.
The
following table sets forth the loss from discontinued
operations for fiscal years 2012 and 2011 (in
thousands):
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