Quarterly report pursuant to Section 13 or 15(d)

Note 9 - Discontinued Operations

v2.4.1.9
Note 9 - Discontinued Operations
 3 Months Ended
Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

9.

Discontinued Operations


The Company’s discontinued operations consist of all our subsidiaries included in our Industrial Segment: (1) subsidiaries divested in 2011 and prior, (2) two previously closed locations, and (3) our PFSG facility. On August 14, 2013, our PFSG facility incurred fire damage which left it non-operational. The Company carries general liability, pollution, property and business interruption, and workers compensation insurance with a maximum deductible of approximately $300,000. During the second half of 2014, the Company entered into a settlement agreement and release with one of its insurance carriers. In 2014, the Company elected not to rebuild the PFSG facility and is continuing to market PFSG for sale.


The Company’s discontinued operations had losses of $223,000 and $266,000 for the three months ended March 31, 2015 and the corresponding period of 2014 (net of taxes of $0 for each period). The losses were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations, primarily for the PFSG site. The Company’s discontinued operations had no revenues for each of the periods noted above.


The following table presents the major classes of assets and liabilities of discontinued operations that are classified as held for sale as of March 31, 2015 and December 31, 2014. The held for sale assets and liabilities may differ at the closing of a sale transaction from the reported balances as of March 31, 2015:


   

March 31,

   

December 31,

 

(Amounts in Thousands)

 

2015

   

2014

 

Current assets

               

Other assets

    5       6  

Total current assets

    5       6  

Long-term assets

               

Property, plant and equipment, net (1)

    644       644  

Total long-term assets

    644       644  

Total assets held for sale

  $ 649     $ 650  

Current liabilities

               

Accounts payable

  $ 883     $ 932  

Accrued expenses and other liabilities

    202       193  

Total current liabilities

    1,085       1,125  

Total liabilities held for sale

  $ 1,085     $ 1,125  

(1)net of accumulated depreciation of $0 for each period presented.


The following table presents the major classes of assets and liabilities of discontinued operations that are not held for sale as of March 31, 2015 and December 31, 2014:


   

March 31,

   

December 31,

 

(Amounts in Thousands)

 

2015

   

2014

 

Current assets

               

Other assets

  $ 13       14  

Total current assets

    13       14  

Long-term assets

               

Property, plant and equipment, net (1)

    37       37  

Total long-term assets

    37       37  

Total assets not held for sale

  $ 50     $ 51  

Current liabilities

               

Accounts payable

  $ 33     $ 15  

Accrued expenses and other liabilities

    281       269  

Environmental liabilities

    728       728  

Total current liabilities

    1,042       1,012  

Long-term liabilities

               

Closure liabilities

    302       302  

Environmental liabilities

    288       288  

Total long-term liabilities

    590       590  

Total liabilities not held for sale

  $ 1,632     $ 1,602  

(1)net of accumulated depreciation of $10,000 for each period presented.