Quarterly report pursuant to Section 13 or 15(d)

Discontinued operations

v2.4.0.6
Discontinued operations
 6 Months Ended
Mar. 31, 2012
Discontinued operations  
Discontinued operations

 

 

14. Discontinued operations

 

On May 2, 2008, the Company sold its Unison MAXIMUS, Inc. subsidiary for $6.5 million, including a promissory note of $6.4 million. At March 31, 2012, the promissory note has a current value of $3.5 million, which has been fully reserved since the disposal. The Company recorded a gain on sale of $0.1 million in the three and six month periods ended March 31, 2012. The Company continues to monitor the payments on the note but no further gains are certain at this time.

 

On September 30, 2010, the Company sold its ERP division. During the first half of fiscal 2011, the Company reserved an additional pre-tax loss on sale of $1.0 million owing to a dispute with the purchaser of the division. This matter was settled in the second half of fiscal 2011 for $1.7 million.