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Discontinued Operations

6 Months Ended

Jun. 28, 2025

Discontinued Operations

Discontinued Operations

Note B – Discontinued Operations

In the third quarter of 2024, we determined that the business of Big 3 Precision Mold Services, Inc. (“Big 3 Mold”) meets the criteria to be held for sale and that the assets held for sale qualify for discontinued operations. As such, the financial results of the Big 3 Mold business are reflected in our unaudited condensed consolidated statements of operations as discontinued operations for all periods presented.  Additionally, current and non-current assets and liabilities of discontinued operations are reflected in the unaudited condensed consolidated balance sheets for both periods presented.

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Table of Contents

On April 30, 2025, the Company sold the equipment, workforce and customer list of the ISBM division of Big 3 Mold.  ISBM, which is located in Centralia, Illinois, is an injection stretch blow mold toolmaker.

		Three Months Ended								Six Months Ended
		June 28, 2025				June 29, 2024				June 28, 2025				June 29, 2024
		(unaudited)				(unaudited)				(unaudited)				(unaudited)
Net sales		$	359,046			$	587,658			$	1,670,208			$	1,282,156
Cost of products sold			(421,730	)			(833,300	)			(1,653,484	)			(1,570,456	)
Gross margin			(62,684	)			(245,642	)			16,724				(288,300	)
Selling and administrative expenses			(100,854	)			(396,267	)			(388,847	)			(774,859	)
Income from disposal of discontinued Unit			2,016,696				-				2,016,696				-
Operating Income (Loss)			1,853,158				(641,909	)			1,644,573				(1,063,159	)
Interest expense			(70,699	)			(82,994	)			(147,882	)			(167,497	)
Income (Loss) from discontinued operations before income taxes			1,782,459				(724,903	)			1,496,691				(1,230,656	)
Income tax (expense) benefit			(377,282	)			162,585				(315,952	)			274,929
Income (Loss) from discontinued operations, net of tax		$	1,405,177			$	(562,318	)		$	1,180,739			$	(955,727	)

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- References

No definition available.

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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

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-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
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-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/360/tableOfContent

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