Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v3.5.0.2
Discontinued Operations
 6 Months Ended
Jun. 30, 2016
Discontinued Operations [Abstract]  
Discontinued Operations

NOTE 2.  DISCONTINUED OPERATIONS



As discussed above in Note 1, on October 7, 2015, the Company sold POC to Dainese.  The Company received $63,639 in cash for the POC Disposition and paid $2,946 in transaction fees for net proceeds of $60,693.  $739 of cash was sold as part of the transaction.  Also, as of December 31, 2015, there was an unsettled working capital adjustment of $921 owed to Dainese which was paid during the three months ended March 31, 2016.  The Company recognized a pre-tax gain on such sale of $8,436.  The Company performed certain transition services related to the POC Disposition and received $79 and $324, during the three and six months ended June 30, 2016, respectively, which was recorded as a reduction of selling, general and administrative expenses in our condensed consolidated financial statements for such periods.





































Summarized results of discontinued operations for POC are as follows: 







 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended

 

Six Months Ended



 

June 30, 2016

 

June 30, 2015

 

June 30, 2016

 

June 30, 2015



 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

 -

 

$

 5,026 

 

$

 -

 

$

 13,408 

Cost of goods sold

 

 

 -

 

 

 (2,682)

 

 

 -

 

 

 (6,889)

Selling, general and administrative

 

 

 -

 

 

 (3,987)

 

 

 -

 

 

 (8,059)

Transaction costs

 

 

 -

 

 

 (446)

 

 

 -

 

 

 (581)

Interest expense, net

 

 

 -

 

 

 (13)

 

 

 -

 

 

 (29)

Other, net

 

 

 -

 

 

 (35)

 

 

 -

 

 

 191 



 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations of discontinued operations

 

 

 -

 

 

 (2,137)

 

 

 -

 

 

 (1,959)

Gain on sale of discontinued operations

 

 

 -

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

Loss before taxes

 

 

 -

 

 

 (2,137)

 

 

 -

 

 

 (1,959)

Income tax benefit

 

 

 -

 

 

 (530)

 

 

 -

 

 

 (422)

Loss from discontinued operations, net of tax

 

$

 -

 

$

 (1,607)

 

$

 -

 

$

 (1,537)



 

 

 

 

 

 

 

 

 

 

 

 

Summarized condensed cash flow information for POC discontinued operations are as follows:







 

 

 

 

 

 



 

Six Months Ended



 

June 30, 2016

 

June 30, 2015



 

 

 

 

 

 

Depreciation of property and equipment

 

 

 -

 

 

 277 

Amortization of intangible assets

 

 

 -

 

 

 643 

Stock-based compensation

 

 

 -

 

 

 136 

Purchase of property and equipment

 

 

 -

 

 

 (324)