| Summary of Major Classes of Assets and Liabilities of Discontinued Operations on Consolidated Balance Sheet and Loss from Discontinued Operations |
The following is the detail of major classes of assets and liabilities of discontinued operations that were summarized on the Company’s Consolidated Balance Sheets:
|
|
|
As of
December 31,
2015 |
|
|
ASSETS |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash |
|
$ |
2,660 |
|
|
Trade receivables (net) |
|
|
13,286 |
|
|
Other receivables |
|
|
1,511 |
|
|
Inventory, net |
|
|
19,425 |
|
|
Prepaid expense and other |
|
|
478 |
|
|
Total current assets of discontinued operations |
|
|
37,360 |
|
|
Long-term assets |
|
|
|
|
|
Total fixed assets (net) |
|
|
604 |
|
|
Intangible assets (net) |
|
|
6,954 |
|
|
Other long-term assets |
|
|
8,752 |
|
|
Total long-term assets of discontinued operations |
|
|
16,310 |
|
|
Total assets of discontinued operations |
|
$ |
53,670 |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Notes payable—short-term |
|
$ |
3,111 |
|
|
Revolving credit facilities |
|
|
1,795 |
|
|
Accounts payable |
|
|
8,536 |
|
|
Accrued expenses |
|
|
3,345 |
|
|
Other current liabilities |
|
|
83 |
|
|
Total current liabilities of discontinued operations |
|
|
16,870 |
|
|
Long-term liabilities |
|
|
|
|
|
Notes payable - long-term |
|
|
3,466 |
|
|
Revolving credit facilities |
|
|
7,225 |
|
|
Other long-term liabilities |
|
|
564 |
|
|
Total long-term liabilities of discontinued operations |
|
|
11,255 |
|
|
Total liabilities of discontinued operations |
|
$ |
28,125 |
|
The following is the detail of major line items that constitute the loss from discontinued operations:
|
|
|
For the Year Ended December 31, |
|
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Net revenues |
|
$ |
66,538 |
|
|
$ |
67,056 |
|
|
$ |
70,162 |
|
|
Cost of sales |
|
|
56,043 |
|
|
|
56,456 |
|
|
|
58,976 |
|
|
Research and development costs |
|
|
729 |
|
|
|
846 |
|
|
|
1,009 |
|
|
Selling, general and administrative expenses |
|
|
7,823 |
|
|
|
5,739 |
|
|
|
7,640 |
|
|
Interest expense |
|
|
934 |
|
|
|
1,141 |
|
|
|
923 |
|
|
Other (income) expense |
|
|
(137 |
) |
|
|
355 |
|
|
|
1,530 |
|
|
Income from discontinued operations before income taxes |
|
|
1,146 |
|
|
|
2,519 |
|
|
|
84 |
|
|
Loss on sale of discontinued operations including
transactions expense of $1,201 and $720, in 2016 and
2015 respectively |
|
|
(15,068 |
) |
|
|
(2,142 |
) |
|
|
— |
|
|
Total (loss) gain on discontinued operations before
income taxes |
|
|
(13,922 |
) |
|
|
377 |
|
|
|
84 |
|
|
Income tax expense related to discontinued operations |
|
|
37 |
|
|
|
440 |
|
|
|
160 |
|
|
Net loss on discontinued operations |
|
$ |
(13,959 |
) |
|
$ |
(63 |
) |
|
$ |
(76 |
) |
|