Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v2.4.1.9
Discontinued Operations
12 Months Ended
Dec. 31, 2014
Discontinued Operations [Abstract]  
Discontinued Operations

NOTE 4.  DISCONTINUED OPERATIONS

 

As discussed above in Note 1, 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 $81,140The 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

Sales

 

 

20,684 

 

 

34,927 

 

 

30,554 

 

 

 

 

 

 

 

 

 

 

Income from operations of GMP

 

 

4,138 

 

 

8,558 

 

 

4,414 

Gain on sale of GMP

 

 

39,491 

 

 

 -

 

 

 -

Income tax expense

 

 

(20,431)

 

 

(3,296)

 

 

(1,600)

Income from discontinued operations, net of tax

 

$

23,198 

 

$

5,262 

 

$

2,814 

 

 

 

 

 

 

 

 

 

 

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 consolidated financial statements.  Total interest expense allocated to discontinued operations for the years ended December 31, 2014, 2013, and 2012, was $635,  $1,008 and $495, respectively.