Quarterly report pursuant to sections 13 or 15(d)

Discontinued Operations and Divestitures

v2.4.0.8
Discontinued Operations and Divestitures
 6 Months Ended
Jun. 30, 2013
Discontinued Operations and Divestitures [Abstract]  
Discontinued Operations and Divestitures
9. 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 June 30, 2013.  No intangible assets exist at PFSG.

The following table summarizes the results of discontinued operations for the three and six months ended June 30, 2013 and 2012. The operating results of discontinued operations are included in our Consolidated Statements of Operations as part of our “Income (loss) from discontinued operations, net of taxes.”

 
  
Three Months Ended
June 30,
    
Six Months Ended
June 30,
  
(Amounts in Thousands)
  
2013
    
2012
    
2013
    
2012
  
 
                        
Net revenues
  
$
809
    
$
599
    
$
1,472
    
$
1,215
  
Interest expense
  
$
(9
)
  
$
(9
)
  
$
(13
)
  
$
(17
)
Operating income (loss) from discontinued operations
  
$
67
     $ 
(86
)
  
$
26
    
$
(294
)
Income tax expense (benefit)
  
$
24
     $
(26
)
  
$
11
    
$
(96
)
Income (loss) from discontinued operations
  
$
43
    
$
(60
)
  
$
15
    
$
(198
)

The following table presents the major classes of assets and liabilities of discontinued operations that are classified as held for sale as of June 30, 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 June 30, 2013:

(Amounts in Thousands)
  
June 30,
2013
    
December 31,
2012
  
 
            
Accounts receivable, net (1)
 
$
578
    
$
391
  
Inventories
    
37
      
32
  
Other assets
    
16
      
16
  
Property, plant and equipment, net (2)
   
1,616
      
1,614
  
Total assets held for sale
  
$
2,247
    
$
2,053
  
Accounts payable
  
$
341
    
$
229
  
Accrued expenses and other liabilities
    
544
      
528
  
Note payable
    
53
      
71
  
Environmental liabilities
    
1,373
      
1,373
  
Total liabilities held for sale
  
$
2,311
    
$
2,201
  

 
(1)
net of allowance for doubtful accounts of $25,000 and $45,000 as of June 30, 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 June 30, 2013 and December 31, 2012:

(Amounts in Thousands)
  
June 30,
2013
    
December 31,
2012
  
 
            
Other assets
  
$
55
    
$
60
  
Total assets of discontinued operations
  
$
55
    
$
60
  
Accrued expenses and other liabilities
  
$
796
    
$
884
  
Accounts payable
    
15
      
15
  
Environmental liabilities
    
195
      
241
  
Total liabilities of discontinued operations
  
$
1,006
    
$
1,140