Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v3.4.0.3
Discontinued Operations
3 Months Ended
Mar. 31, 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 has been paid during the three months ending 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 $245, which was recorded as a reduction of selling, general and administrative expenses in our condensed consolidated financial statements during the three months ended March 31, 2016.



Summarized results of discontinued operations for POC are as follows: 







 

 

 

 

 

 



 

Three Months Ended



 

March 31, 2016

 

March 31, 2015



 

 

 

 

 

 

Sales

 

$

 -

 

$

8,382 

Cost of goods sold

 

 

 -

 

 

(4,207)

Selling, general and administrative

 

 

 -

 

 

(4,072)

Transaction costs

 

 

 -

 

 

(135)

Interest expense, net

 

 

 -

 

 

(16)

Other, net

 

 

 -

 

 

226 



 

 

 

 

 

 

Income from operations of discontinued operations

 

 

 -

 

 

178 

Gain on sale of discontinued operations

 

 

 -

 

 

 -



 

 

 

 

 

 

Income before taxes

 

 

 -

 

 

178 

Income tax expense

 

 

 -

 

 

108 

Income from discontinued operations, net of tax

 

$

 -

 

$

70 



 

 

 

 

 

 















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







 

 

 

 

 

 



 

Three Months Ended



 

March 31, 2016

 

March 31, 2015



 

 

 

 

 

 

Depreciation of property and equipment

 

 

 -

 

 

142 

Amortization of intangible assets

 

 

 -

 

 

324 

Stock-based compensation

 

 

 -

 

 

92 

Purchase of property and equipment

 

 

 -

 

 

(217)