Quarterly report pursuant to sections 13 or 15(d)

Discontinued Operations and Divestitures

v2.4.0.6
Discontinued Operations and Divestitures
 3 Months Ended
Mar. 31, 2013
Discontinued Operations and Divestitures [Abstract]  
Discontinued Operations and Divestitures
11. Discontinued Operations and Divestitures

Our discontinued operations consist of our Perma-Fix of South Georgia, Inc. ("PFSG") facility which met the held for sale criteria under ASC 360, "Property, Plant, and Equipment" on October 6, 2010.  Our discontinued operations also encompass our Perma-Fix of Fort Lauderdale, Inc. ("PFFL"), Perma-Fix of Orlando, Inc. ("PFO"), Perma-Fix of Maryland, Inc. ("PFMD"), Perma-Fix of Dayton, Inc. ("PFD"), and Perma-Fix Treatment Services, Inc. ("PFTS") facilities, which were divested on August 12, 2011, October 14, 2011,  January 8, 2008, March 14, 2008, and May 30, 2008, respectively.  Our discontinued operations also include two previously shut down locations, Perma-Fix of Michigan, Inc. ("PFMI"), and Perma-Fix of Memphis, Inc. ("PFM").

We continue to market our PFSG facility for sale.  As required by ASC 360, based on our internal financial valuations, we concluded that no tangible asset impairments existed for PFSG as of March 31, 2013.  No intangible asset exists at PFSG.

The following table summarizes the results of discontinued operations for the three months ended March 31, 2013, and 2012.  The operating results of discontinued operations are included in our Consolidated Statements of Operations as part of our "Loss from discontinued operations, net of taxes".
 
Three Months Ended
 
 
March 31,
 
 
 
 
(Amounts in Thousands)
 
2013
 
 
2012
 
Net revenues
 
$
663
 
 
$
616
 
Interest expense
 
 
(5
 )
 
 
(9
 )
Operating loss from discontinued operations
 
 
(40
 )
 
 
(208
 )
Income tax benefit
 
 
(13
 )
 
 
(70
 )
Loss from discontinued operations
 
 
(27
 )
 
 
(138
 )

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, 2013 and December 31, 2012.  The held for sale assets and liabilities may differ at the closing of a sale transaction from the reported balances as of March 31, 2013:
 
March 31,
 
 
December 31,
 
(Amounts in Thousands)
 
2013
 
 
2012
 
 
 
 
 
 
 
Accounts receivable, net (1)
 
$
484
 
 
$
391
 
Inventories
 
 
38
 
 
 
32
 
Other assets
 
 
21
 
 
 
16
 
Property, plant and equipment, net (2)
 
 
1,616
 
 
 
1,614
 
Total assets held for sale
 
$
2,159
 
 
$
2,053
 
Accounts payable
 
$
307
 
 
$
229
 
Accrued expenses and other liabilities
 
 
549
 
 
 
528
 
Note payable
 
 
62
 
 
 
71
 
Environmental liabilities
 
 
1,374
 
 
 
1,373
 
Total liabilities held for sale
 
$
2,292
 
 
$
2,201
 

(1)
net of allowance for doubtful accounts of $25,000 and $45,000 as of March 31, 2013 and December 31, 2012, respectively.

(2)
net of accumulated depreciation of $60,000 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, 2013 and December 31, 2012:
 
March 31,
 
 
December 31,
 
(Amounts in Thousands)
 
2013
 
 
2012
 
 
 
 
 
 
 
Other assets
 
$
57
 
 
$
60
 
Total assets of discontinued operations
 
$
57
 
 
$
60
 
Accrued expenses and other liabilities
 
$
830
 
 
$
884
 
Accounts payable
 
 
15
 
 
 
15
 
Environmental liabilities
 
 
199
 
 
 
241
 
Total liabilities of discontinued operations
 
$
1,044
 
 
$
1,140