DISCONTINUED OPERATIONS AND DIVESTITURES (Tables)

12 Months Ended

Dec. 31, 2013

DISCONTINUED OPERATIONS AND DIVESTITURES [Abstract]

Nature of expense and insurance receivables related to PFSG fire

The table below details the nature of expense as well as insurance receivables and insurance recoveries related to the fire:

Clean up costs	$	6,293,000
Impairment of fixed assets		130,000
Incremental payroll costs		244,000
Other incremental costs		192,000
Total incurred costs through December 31, 2013	$	6,859,000

Insurance recovery receivable	$	2,995,000
Insurance recoveries already received	$	3,664,000

Results of discontinued operations

The following table summarizes the results of discontinued operations for the years ended December 31, 2013 and 2012. The operating results of discontinued operations are included in our Consolidated Statements of Operations as part of our “Loss from discontinued operations, net of taxes.” Our income tax expense included a charge to tax expense of approximately $1,164,000 to provide a full valuation allowance on our net deferred tax assets.

	For The Year Ended December 31,
Amount in Thousands	2013			2012

Net revenue	$	1,789		$	2,204
Interest Expense		(27	)		(34	)
Operating income (loss) from discontinued operations		59			(560	)
Income tax expense (benefit)		1,627			(530	)
Loss from discontinued operations		(1,568	)		(30	)

Disclosure of asset and liabilities of discontinued operations Held-for-sale

The following table presents the major classes of assets and liabilities of discontinued operations that are classified as held for sale as of December 31, 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 December 31, 2013:

	December 31,		December 31,
(Amounts in Thousands)	2013		2012

Accounts receivable, net ⁽¹⁾	$	20	$	391
Inventories		37		32
Other assets		3,018		16
Property, plant and equipment, net ⁽²⁾		1,367		1,614
Total assets held for sale	$	4,442	$	2,053
Accounts payable	$	2,716	$	229
Accrued expenses and other liabilities		363		528
Note payable		35		71
Environmental liabilities		840		1,373
Total liabilities held for sale	$	3,954	$	2,201

⁽¹⁾net of allowance for doubtful accounts of $13,000 and $45,000 as of December 31, 2013 and December 31, 2012, respectively.

⁽²⁾net of accumulated depreciation of $55,000 and $60,000 as of December 31, 2013 and 2012, respectively.

Disclosure of assets and liabilities of discontinued operations not held for sale

The following table presents the major classes of assets and liabilities of discontinued operations that are not held for sale as of December 31, 2013 and December 31, 2012:

	December 31,		December 31,
(Amounts in Thousands)	2013		2012

Other assets	$	39	$	60
Total assets of discontinued operations	$	39	$	60
Accrued expenses and other liabilities	$	436	$	884
Accounts payable		15		15
Environmental liabilities		191		241
Total liabilities of discontinued operations	$	642	$	1,140

Accrued Environmental Liabilities

At December 31, 2013, we had total accrued environmental remediation liabilities of $1,031,000, of which $649,000 is recorded as a current liability, which reflects a decrease of $583,000 from the December 31, 2012 balance of $1,614,000. The net decrease represents payments of approximately $50,000 on remediation projects and a reduction in reserve of approximately $533,000 at PFSG based on reassessment of the remediation reserve. The December 31, 2013 current and long-term accrued environmental balance is recorded as follows (in thousands):

	Current		Long-term
	Accrual		Accrual		Total
PFD	$	11	$	58	$	69
PFM		34		11		45
PFSG		604		236		840
PFMI		—		77		77
Total Liability	$	649	$	382	$	1,031

- Definition

Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss).

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- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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