Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.1.9
Discontinued Operations
 3 Months Ended
Mar. 31, 2015
Discontinued Operations [Abstract]  
Discontinued Operations

NOTE 2.  DISCONTINUED OPERATIONS

 

As discussed above, during the year ended December 31, 2014, the Company and Gregory, its then wholly-owned subsidiary, completed the GMP Sale pursuant to the terms of the GMP Purchase Agreement.  The Company received $84,135 in cash for the GMP Sale and paid $2,995 in transaction fees for net proceeds of $81,140.  The Company recognized a pre-tax gain on such sale of $39,491 and tax expense of $19,424.  Summarized results of discontinued operations are as follows: 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31, 2015

 

March 31, 2014

 

 

 

 

 

 

 

Sales

 

$

 -

 

 
10,107 

 

 

 

 

 

 

 

Income from operations of GMP

 

 

 -

 

 
1,820 

Income tax benefit

 

 

 -

 

 
255 

Income from discontinued operations, net of tax

 

$

 -

 

$
2,075 

 

 

 

 

 

 

 

In connection with the GMP Sale, all interest related to outstanding debt that was required to be repaid pursuant to the terms of the Company’s amended and restated loan agreement with Zions First National Bank is allocated to discontinued operations in our condensed consolidated financial statements.  Total interest expense allocated to discontinued operations for the three months ended March 31, 2015 and 2014 was $0 and $270, respectively.