Annual report pursuant to Section 13 and 15(d)

Note 5 - Churchill Property

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Note 5 - Churchill Property
12 Months Ended
Mar. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 5 – Churchill Property


During the fiscal year 2008, the operations of Churchill Weavers, Inc. (“Churchill”), at the time a wholly-owned subsidiary of the Company, ceased and all employees were terminated. The Company had actively marketed Churchill’s land and building since that time, and the property was sold in March 2013. The Company recorded impairment charges associated with the property during fiscal years 2009, 2010 and 2011 as the Company made successive determinations that the fair value of the property had fallen below its carrying value. Through April 1, 2012, the Company had recorded the Churchill property at fair value, less an estimate of the costs of sale, had classified the property as assets held for sale in the Company’s consolidated balance sheets and had classified the costs to maintain the property and the impairment charges as discontinued operations in the consolidated statements of income. Effective as of April 2, 2012, accounting guidelines required the Company to record the costs associated with the property within continuing operations in the accompanying consolidated statements of income for all periods presented.


The amounts recorded upon the sale of the Churchill property are set forth below (in thousands):


Gross proceeds of sale

  $ 200  

Expenses associated with sale

    34  
         

Amount realized

    166  

Carrying value of property

    263  
         

Loss on sale of Churchill property

  $ (97 )