Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v3.5.0.2
Discontinued Operations
 9 Months Ended
Sep. 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 $0 and $324, during the three and nine months ended September 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

 

Nine Months Ended



 

September 30, 2016

 

September 30, 2015

 

September 30, 2016

 

September 30, 2015



 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

$

 -

 

$

 10,826 

 

$

 -

 

$

 24,234 

Cost of goods sold

 

 

 -

 

 

 (5,278)

 

 

 -

 

 

 (12,167)

Selling, general and administrative

 

 

 -

 

 

 (3,547)

 

 

 -

 

 

 (11,606)

Transaction costs

 

 

 -

 

 

 (847)

 

 

 -

 

 

 (1,428)

Interest expense, net

 

 

 -

 

 

 (33)

 

 

 -

 

 

 (62)

Other, net

 

 

 -

 

 

 29 

 

 

 -

 

 

 220 



 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations of discontinued operations

 

 

 -

 

 

 1,150 

 

 

 -

 

 

 (809)

Gain on sale of discontinued operations

 

 

 -

 

 

 -

 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

 

 

 -

 

 

 1,150 

 

 

 -

 

 

 (809)

Income tax expense (benefit)

 

 

 -

 

 

 43 

 

 

 -

 

 

 (379)

Income (loss) from discontinued operations, net of tax

 

$

 -

 

$

 1,107 

 

$

 -

 

$

 (430)



 

 

 

 

 

 

 

 

 

 

 

 

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







 

 

 

 

 

 



 

Nine Months Ended



 

September 30, 2016

 

September 30, 2015



 

 

 

 

 

 

Depreciation of property and equipment

 

 

 -

 

 

 414 

Amortization of intangible assets

 

 

 -

 

 

 852 

Stock-based compensation

 

 

 -

 

 

 201 

Purchase of property and equipment

 

 

 -

 

 

 (578)