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Note 3 - Discontinued Operations | 9 Months Ended
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Sep. 30, 2018
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, $0.8 million was placed in escrow until it was released in 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 financial results of the Atchison facility are presented as discontinued operations in the Condensed Consolidated Statements of Operations. Cash flows from the Company’s discontinued operations are presented separately in the Condensed 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 following table presents the operating results for the Company’s discontinued operations prior to the sale (in thousands):
|  | Three Months Ended September 30, 2017 |  |  | Nine Months Ended September 30, 2017 |
Net sales |  | $ | - |  |  | $ | 9 |
Cost of sales |  |  | 457 |  |  |  | 1,469 |
Gross loss |  |  | (457 | ) |  |  | (1,460 | )
Selling, general and administrative expense |  |  | (1 | ) |  |  | (1 | )
Operating loss |  |  | (456 | ) |  |  | (1,459 | )
Interest expense |  |  | - |  |  |  | - |
Loss before income taxes |  |  | (456 | ) |  |  | (1,459 | )
Income tax expense (benefit) |  |  | 26 |  |  |  | (4 | )
Net loss |  | $ | (482 | ) |  | $ | (1,455 | )

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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