SALE OF HOPLAND-BASED WINE BUSINESS
In fiscal 2011, we sold our Hopland-based wine business for $234 in cash. As a result, we recognized a gain on sale (net of transaction costs and income taxes) of $38, which is reflected in the accompanying consolidated statement of operations as follows:
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| | | |
Net sales | $ | (3 | ) |
Selling, general, and administrative expenses | (6 | ) |
Other income | 62 |
|
Income taxes | (15 | ) |
Net gain | $ | 38 |
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The sale included the Fetzer winery, bottling facility, and vineyards, as well as the Fetzer brand and other Hopland, California-based wines, including Bonterra, Little Black Dress, Jekel, Five Rivers, Bel Arbor, Coldwater Creek, and Sanctuary. Also included in the sale was a facility in Paso Robles, California.
