Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v3.8.0.1
Discontinued Operations
12 Months Ended
Dec. 31, 2017
Discontinued Operations [Abstract]  
Discontinued Operations

NOTE 3.  DISCONTINUED OPERATIONS



As discussed above in Note 1, the Company completed the sale of certain assets to Samsonite LLC comprising Gregory Mountain Product’s business during the year ended December 31, 2014.  The Company performed certain transition services related to the sale of GMP and received $0,  $0, and $232, which were recorded as a reduction of selling, general and administrative expenses in our consolidated financial statements during the years ended December 31, 2017, 2016, and 2015, respectively.



Additionally, as discussed above in Note 1, on October 7, 2015, the Company sold POC.  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 $8,436The Company performed certain transition services related to the POC Disposition and received $0,  $324, and $270 during the years ended December 31, 2017, 2016, and 2015, respectively, which was recorded as a reduction of selling, general and administrative expenses in our consolidated financial statements for such periods.



Summarized results of discontinued operations for POC are as follows:







 

 

 

 

 

 

 

 

 



 

Year Ended December 31,



 

2017

 

2016

 

2015



 

 

 

 

 

 

 

 

 

Sales

 

$

 -

 

$

 -

 

$

26,179 

Cost of goods sold

 

 

 -

 

 

 -

 

 

(13,124)

Selling, general and administrative

 

 

 -

 

 

 -

 

 

(11,081)

Interest expense, net

 

 

 -

 

 

 -

 

 

(66)

Other, net

 

 

 -

 

 

 -

 

 

281 



 

 

 

 

 

 

 

 

 

Income from operations of discontinued operations

 

 

 -

 

 

 -

 

 

2,189 

Gain on sale of discontinued operations

 

 

 -

 

 

 -

 

 

8,436 



 

 

 

 

 

 

 

 

 

Income before taxes

 

 

 -

 

 

 -

 

 

10,625 

Income tax expense

 

 

 -

 

 

 -

 

 

61 

Income from discontinued operations, net of tax

 

$

 -

 

$

 -

 

$

10,564 



 

 

 

 

 

 

 

 

 

There was no interest allocated to discontinued operations in our consolidated financial statements for the year ended December 31, 2015. 



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







 

 

 

 

 

 

 

 

 



 

Year Ended December 31,



 

2017

 

2016

 

2015



 

 

 

 

 

 

 

 

 

Depreciation of property and equipment

 

 

 -

 

 

 -

 

 

423 

Amortization of intangible assets

 

 

 -

 

 

 -

 

 

866 

Stock-based compensation

 

 

 -

 

 

 -

 

 

(645)

Purchase of property and equipment

 

 

 -

 

 

 -

 

 

(671)