| Summarized Discontinued Operations of Financial Statements |
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September 30, 2015
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December 31, 2014
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Cash
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$
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255
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$
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1,246
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Accounts receivable
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8,899
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10,980
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Inventories
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13,685
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7,692
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Prepaid and other current assets
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1,070
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837
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Income tax receivable
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-
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10
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Deferred income taxes
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756
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483
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Total current assets held for sale
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24,665
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21,248
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Property and equipment, net
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1,525
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1,525
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Other intangible assets, net
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10,599
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12,354
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Indefinite lived intangible assets
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11,683
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12,607
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Goodwill
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11,449
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12,355
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Deferred income taxes
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127
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-
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Other long-term assets
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57
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89
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Total assets held for sale
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$
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60,105
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$
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60,178
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Accounts payable and accrued liabilities
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$
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5,679
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$
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3,967
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Income tax payable
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237
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-
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Current portion of long-term debt
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5,841
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3,875
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Total current liabilities held for sale
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11,757
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7,842
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Long-term debt
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-
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3
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Deferred income taxes
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4,977
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5,103
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Total liabilities held for sale
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$
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16,734
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$
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12,948
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Summarized results of discontinued operations for both GMP and POC are as follows:
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Three Months Ended
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Nine Months Ended
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September 30, 2015
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September 30, 2014
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September 30, 2015
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September 30, 2014
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Sales
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$
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10,826
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$
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12,866
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$
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24,234
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$
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42,055
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Cost of goods sold
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(5,278)
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(6,567)
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(12,167)
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(22,853)
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Selling, general and administrative
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(3,547)
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(5,000)
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(11,606)
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(16,953)
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Transaction costs
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(847)
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(1,680)
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(1,428)
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(2,995)
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Interest expense, net
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(33)
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(89)
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(62)
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(781)
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Other, net
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29
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3,201
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220
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3,217
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Income (loss) from operations of discontinued operations
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1,150
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2,731
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(809)
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1,690
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Gain on sale of discontinued operations
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-
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39,491
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-
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39,491
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Income (loss) before taxes
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1,150
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42,222
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(809)
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41,181
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Income tax expense (benefit)
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43
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20,657
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(379)
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20,589
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Income (loss) from discontinued operations, net of tax
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$
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1,107
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$
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21,565
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$
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(430)
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$
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20,592
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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 (the “Lender”) is allocated to discontinued operations in our condensed consolidated financial statements.
Summarized condensed cash flow information for both GMP and POC discontinued operations are as follows:
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Nine Months Ended
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September 30, 2015
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September 30, 2014
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Depreciation of property and equipment
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414
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440
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Amortization of intangible assets
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852
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1,430
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Stock-based compensation
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201
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349
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Purchase of property and equipment
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(578)
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(682)
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