| The assets of the discontinued operations classified as held for sale are as follows: |
On August 31, 2021, the Company entered into a purchase agreement with Winport Holdings, LLC for the sale of the Company’s real and personal
property located in Hector, Minnesota including the lease with Oldcastle for $900,000. The Company recorded a $100,000 impairment loss on these
assets in order to write down the assets to the fair value less the costs to sell and recorded the assets as held for sale at September 30, 2021.
The assets of the discontinued operations classified as held for sale are as follows:
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
September
30, 2021
|
|
|
December
31, 2020
|
|
Cash and cash equivalents
|
|
$
|
—
|
|
$
|
303,000
|
|
Trade accounts receivable
|
|
|
—
|
|
|
5,775,000
|
|
Inventories
|
|
|
—
|
|
|
8,561,000
|
|
Other current assets
|
|
|
—
|
|
|
439,000
|
|
Total
current assets
|
|
$
|
—
|
|
$
|
15,078,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property,
plant, and equipment
|
|
$
|
846,000
|
|
$
|
1,154,000
|
|
Right
of use asset
|
|
|
|
|
|
129,000
|
|
Total
noncurrent assets
|
|
$
|
846,000
|
|
$
|
1,283,000
|
|
|
|
|
|
|
|
|
|
Total
assets held for sale
|
|
$
|
846,000
|
|
$
|
16,361,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
—
|
|
$
|
1,669,000
|
|
Accrued
compensation and benefits
|
|
|
—
|
|
|
767,000
|
|
Operating
lease liability
|
|
|
—
|
|
|
86,000
|
|
Other
accrued liabilities
|
|
|
—
|
|
|
1,206,000
|
|
Total
current liabilities
|
|
$
|
—
|
|
$
|
3,728,000
|
|
|
|
|
|
|
|
|
|
Operating
lease liability
|
|
$
|
—
|
|
$
|
30,000
|
|
Total
noncurrent liabilities
|
|
$
|
—
|
|
$
|
30,000
|
|
|
|
|
|
|
|
|
|
Total
liabilities held for sale
|
|
$
|
—
|
|
$
|
3,758,000
|
|
|
| The financial results of the discontinued operations are as follows: |
The
financial results of the discontinued operations are as follows:
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
| |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
| Sales |
|
$ |
2,806,000 |
|
$ |
9,067,000 |
|
$ |
20,478,000 |
|
$ |
30,354,000 |
| Cost
of sales |
|
|
1,789,000 |
|
|
5,027,000 |
|
|
11,774,000 |
|
|
17,894,000 |
| Selling,
general and administrative expenses |
|
|
1,044,000 |
|
|
2,848,000 |
|
|
7,090,000 |
|
|
10,310,000 |
| Transaction costs |
|
|
982,000 |
|
|
— |
|
|
2,141,000 |
|
|
— |
| Impairment loss |
|
|
100,000 |
|
|
— |
|
|
100,000 |
|
|
— |
| Restructuring
expenses |
|
|
1,287,000 |
|
|
194,000 |
|
|
1,287,000 |
|
|
958,000 |
| Gain
on sale of assets |
|
|
(13,455,000) |
|
|
(19,000) |
|
|
(13,455,000) |
|
|
(2,057,000) |
| Foreign currency translation loss |
|
|
642,000 |
|
|
— |
|
|
642,000 |
|
|
— |
| Other expense |
|
|
4,000 |
|
|
61,000 |
|
|
61,000 |
|
|
317,000 |
| Operating
income before income taxes |
|
|
10,413,000 |
|
|
956,000 |
|
|
10,838,000 |
|
|
2,932,000 |
| Income
tax expense |
|
|
2,000 |
|
|
(5,000) |
|
|
2,000 |
|
|
— |
| Income from discontinued operations |
|
$ |
10,411,000 |
|
$ |
961,000 |
|
$ |
10,836,000 |
|
$ |
2,932,000 |
|
The financial
results of the discontinued operations are as follows:
| |
|
|
|
|
|
|
|
|
| |
|
Year
Ended December 31 |
|
| |
|
2020 |
|
|
2019 |
|
| |
|
|
|
|
|
|
| Sales |
|
$ |
3,024,000 |
|
|
$ |
18,879,000 |
|
| Cost of sales |
|
|
2,167,000 |
|
|
|
12,965,000 |
|
| Selling, general and administrative
expenses |
|
|
520,000 |
|
|
|
2,684,000 |
|
| Restructuring expenses |
|
|
960,000 |
|
|
|
— |
|
| (Gain) loss on sale of assets |
|
|
(2,247,000 |
) |
|
|
(2,990,000 |
) |
| Other income |
|
|
— |
|
|
|
— |
|
| Operating income before income
taxes |
|
|
1,624,000 |
|
|
|
6,220,000 |
|
| Income tax
expense |
|
|
— |
|
|
|
2,000 |
|
| Income
(loss) from discontinued operations |
|
$ |
1,624,000 |
|
|
$ |
6,218,000 |
|
|
| The assets and liabilities of this discontinued operation that are classified as held for sale are as follows: |
|
The assets
and liabilities of this discontinued operation that are classified as held for sale are as follows:
| |
|
|
December 31, 2020 |
|
|
|
December 31, 2019 |
|
| |
|
|
|
|
|
|
| Trade
accounts receivable |
|
$ |
— |
|
|
$ |
2,235,000 |
|
| Inventories |
|
|
— |
|
|
|
3,009,000 |
|
| Other
current assets |
|
|
— |
|
|
|
93,000 |
|
| Total
current assets |
|
$ |
— |
|
|
$ |
5,337,000 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Property,
plant, and equipment |
|
$ |
— |
|
|
$ |
883,000 |
|
| Total
noncurrent assets |
|
$ |
— |
|
|
$ |
883,000 |
|
| |
|
|
|
|
|
|
|
|
| Total
assets held for sale |
|
$ |
— |
|
|
$ |
6,220,000 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Accounts
payable |
|
$ |
— |
|
|
$ |
1,111,000 |
|
| Other
accrued liabilities |
|
|
— |
|
|
|
82,000 |
|
| Total
liabilities held for sale |
|
$ |
— |
|
|
$ |
1,193,000 |
|
|