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Note 3 - Discontinued Operations | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
3 . | DISCONTINUED OPERATIONS :
On December 26, 2017, the Company completed the sale of substantially all of the assets associated with the Company’s manufacturing facility in Atchison, Kansas (the “Atchison facility”), including all of the real and tangible personal property located at the site of that manufacturing facility. Total consideration of $37.2 million in cash was paid by the buyer, resulting in a nominal gain recognized on the sale. Of the proceeds received, $0.75 million was placed in escrow until February 2018 and approximately $3.7 million was placed in escrow for twelve months to secure the Company’s indemnification obligations under the agreement. In accordance with applicable accounting guidance, the related assets of the Company’s Atchison facility are classified as current Assets held for sale in the Consolidated Balance Sheets for periods presented prior to the sale, and the financial results of the Atchison facility are presented as discontinued operations in the Consolidated Statements of Operations for all periods. Cash flows from the Company’s discontinued operations are presented separately in the Consolidated Statements of Cash Flows. As the Atchison facility was the remaining Tubular Products business, the Company now operates in only one business segment, Water Transmission. The table below presents the components of the balance sheet accounts associated with the Atchison facility which were reported as current Assets held for sale on the Consolidated Balance Sheets (in thousands).
|  | December 31, |
|  | 201 7 |  |  | 201 6 |
Asset s |  |  |  |  |  |  |  |
Inventorie s |  | $ | - |  |  | $ | 392 |
Property and equipment, ne t |  |  | - |  |  |  | 36,430 |
Total assets |  | $ | - |  |  | $ | 36,822 |
The table below presents the operating results for the Company ’s discontinued operations (in thousands).
|  | Year Ended December 31, |
|  | 201 7 |  |  | 201 6 |  |  | 201 5 |
Net sales |  | $ | 12 |  |  | $ | 6,869 |  |  | $ | 63,448 |
Cost of sales |  |  | 1,792 |  |  |  | 9,777 |  |  |  | 76,679 |
Gross loss |  |  | (1,780 | ) |  |  | (2,908 | ) |  |  | (13,231 | )
Selling, general and administrative expense |  |  | (1 | ) |  |  | 257 |  |  |  | 1,925 |
Gain on sale of facility |  |  | (6 | ) |  |  | - |  |  |  | - |
Operating loss |  |  | (1,773 | ) |  |  | (3,165 | ) |  |  | (15,156 | )
Other income (expense) |  |  | - |  |  |  | (1 | ) |  |  | 30 |
Interest income |  |  | - |  |  |  | - |  |  |  | 172 |
Interest expense |  |  | - |  |  |  | (14 | ) |  |  | (50 | )
Loss before income taxes |  |  | (1,773 | ) |  |  | (3,180 | ) |  |  | (15,004 | )
Income tax benefit |  |  | (2 | ) |  |  | (658 | ) |  |  | (3,428 | )
Net loss |  | $ | (1,771 | ) |  | $ | (2,522 | ) |  | $ | (11,576 | )
In April 2015, the Company initiated a production curtailment at the Atchison facility. Severance related restructuring expenses associated with the production curtailment during the year ended December 31, 2015 were $0.6 million, of which $0.5 million was included in cost of sales and $0.1 million was included in selling, general and administrative expense in the table of operating results for discontinued operations above.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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