BIRKS GROUP INC. - 20-F filing on 2020-07-08

Discontinued operations (Tables)

12 Months Ended

Mar. 28, 2020

The following table presents the net income from discontinued operations for the year ended March 28, 2020, March 30, 2019, and March 31, 2018:


	Fiscal Year Ended
	March 28, 2020			March 30, 2019			March 31, 2018
	(In thousands, except per share amounts)
Net sales	$	—		$	—		$	110,789
Cost of sales		—			—			72,615

Gross profit		—			—			38,174
Selling, general and administrative expenses		552			381			30,902
Restructuring charges		—			—			—
Depreciation and amortization		—			—			1,674

Total operating expenses		552			381			32,576

Operating (loss) income		(552	)		(381	)		5,598
Interest and other financial costs		—			—			3,683
Debt extinguishment charges		—			—			3,415

(Loss) income before taxes		(552	)		(381	)		(1,500	)
Income tax expense (benefit)		—			—			92

(Loss) income from discontinued operations, net of taxes		(552	)		(381	)		(1,592	)
Gain on disposal, net of taxes		—			—			37,682

Net (loss) income from discontinued operations	$	(552	)	$	(381	)	$	36,090

Weighted average common shares outstanding:
Basic		17,968			17,961			17,961
Diluted		17,968			17,961			18,393
Net (loss) income from discontinued operations per common share:
Basic	$	(0.03	)	$	(0.02	)	$	2.01
Diluted	$	(0.03	)	$	(0.02	)	$	1.96

The table below presents the reconciliation of the gain on the sale of Mayors:


	October 23, 2017
Cash proceeds on disposal	$	134,982
Legal and professional fees incurred as a result of the Aurum Transaction		(3,759	)
Cash		3,083
Accounts receivable		15,705
Inventory		89,101
Prepaid expenses		1,110
Property and equipment		11,176
Intangible assets		343
Other assets		244
Deferred income tax asset		6,705
Accounts payable		(27,207	)
Accrued expenses		(3,552	)
Long-term debt		(333	)
Other long-term liabilities		(2,834	)

Total identifiable net assets		93,541

Gain on disposal, net of taxes of nil	$	37,682