Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

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Discontinued Operations
 9 Months Ended
Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

10. 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 Perma-fix of South Georgia, Inc. (“PFSG”) facility, which is currently in the process of undergoing closure, subject to regulatory approval of necessary plans and permits.

 

The Company’s discontinued operations had losses of $131,000 and $145,000 for the three months ended September 30, 2018 and 2017, respectively (net of taxes of $0 for each period) and losses of $495,000 and $436,000 for the nine months ended September 30, 2018 and 2017, respectively (net of taxes of $0 for each period). The net loss for the six months ended September 30, 2018 included an increase of approximately $50,000 in remediation reserve recorded in the second quarter of 2018 for our Perma-Fix of Dayton (“PFD”) subsidiary due to reassessment of the remediation reserve. The remaining losses for each of the periods noted above were primarily due to costs incurred in the administration and continued monitoring of our discontinued operations. The Company’s discontinued operations had no revenues for each of the periods noted above.

 

The following table presents the major class of assets of discontinued operations at September 30, 2018 and December 31, 2017.

 

    September 30,     December 31,  
(Amounts in Thousands)   2018     2017  
Current assets                
Other assets   $ 95     $ 89  
Total current assets     95       89  
Long-term assets                
Property, plant and equipment, net (1)     81       81  
Other assets     138       195  
Total long-term assets     219       276  
Total assets   $ 314     $ 365  
Current liabilities                
Accounts payable   $ 14     $ 8  
Accrued expenses and other liabilities     268       265  
Environmental liabilities     658       632  
Total current liabilities     940       905  
Long-term liabilities                
Closure liabilities     125       120  
Environmental liabilities     229       239  
Total long-term liabilities     354       359  
Total liabilities   $ 1,294     $ 1,264  

 

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

 

The Company’s discontinued operations include a note receivable in the amount of approximately $375,000 recorded in May 2016 resulting from the sale of property at our Perma-Fix of Michigan, Inc. subsidiary. This note requires 60 equal monthly installment payments by the buyer of approximately $7,250 (which includes interest). At September 30, 2018, the outstanding amount on this note receivable totaled approximately $214,000, of which approximately $76,000 is included in “Current assets related to discontinued operations” and approximately $138,000 is included in “Other assets related to discontinued operations” in the accompanying Consolidated Balance Sheets.