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Discontinued Operations | 9 Months Ended
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Sep. 30, 2015
Discontinued Operations [Abstract] |
Discontinued Operations | NOTE 2. DISCONTINUED OPERATIONS As discussed above, during the year ended December 31, 2014, the Company and Gregory, its then wholly-owned subsidiary, completed the GMP Sale pursuant to the terms of the GMP Purchase Agreement. The Company received $84,135 in cash for the GMP Sale and paid $2,995 in transaction fees for net proceeds of $81,140. The Company recognized a pre-tax gain on such sale of $39,491 and tax expense of $19,424. Additionally, as discussed above, on October 7, 2015, the Company sold POC to Dainese and the assets and liabilities of POC are classified as held for sale as of September 30, 2015 and December 31, 2014. As the POC Disposition was completed during our fourth fiscal quarter of 2015, we expect to recognize a gain on the POC Disposition during the three months ending December 31, 2015. The carrying amounts of the assets and liabilities of POC were classified as held for sale in our condensed consolidated balance sheet. The asset and liability balances as of September 30, 2015 were classified as current as we anticipated the sale of these assets and liabilities within a one year period. The carrying amounts were as follows:
|  | September 30, 2015 |  | December 31, 2014
Cash |  | $ | 255 |  | $ | 1,246
Accounts receivable |  |  | 8,899 |  |  | 10,980
Inventories |  |  | 13,685 |  |  | 7,692
Prepaid and other current assets |  |  | 1,070 |  |  | 837
Income tax receivable |  |  | - |  |  | 10
Deferred income taxes |  |  | 756 |  |  | 483
Total current assets held for sale |  |  | 24,665 |  |  | 21,248
Property and equipment, net |  |  | 1,525 |  |  | 1,525
Other intangible assets, net |  |  | 10,599 |  |  | 12,354
Indefinite lived intangible assets |  |  | 11,683 |  |  | 12,607
Goodwill |  |  | 11,449 |  |  | 12,355
Deferred income taxes |  |  | 127 |  |  | -
Other long-term assets |  |  | 57 |  |  | 89
Total assets held for sale |  | $ | 60,105 |  | $ | 60,178
Accounts payable and accrued liabilities |  | $ | 5,679 |  | $ | 3,967
Income tax payable |  |  | 237 |  |  | -
Current portion of long-term debt |  |  | 5,841 |  |  | 3,875
Total current liabilities held for sale |  |  | 11,757 |  |  | 7,842
Long-term debt |  |  | - |  |  | 3
Deferred income taxes |  |  | 4,977 |  |  | 5,103
Total liabilities held for sale |  | $ | 16,734 |  | $ | 12,948
Summarized results of discontinued operations for both GMP and POC are as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, 2015 |  | September 30, 2014 |  | September 30, 2015 |  | September 30, 2014
Sales |  | $ | 10,826 |  | $ | 12,866 |  | $ | 24,234 |  | $ | 42,055
Cost of goods sold |  |  | (5,278) |  |  | (6,567) |  |  | (12,167) |  |  | (22,853)
Selling, general and administrative |  |  | (3,547) |  |  | (5,000) |  |  | (11,606) |  |  | (16,953)
Transaction costs |  |  | (847) |  |  | (1,680) |  |  | (1,428) |  |  | (2,995)
Interest expense, net |  |  | (33) |  |  | (89) |  |  | (62) |  |  | (781)
Other, net |  |  | 29 |  |  | 3,201 |  |  | 220 |  |  | 3,217
Income (loss) from operations of discontinued operations |  |  | 1,150 |  |  | 2,731 |  |  | (809) |  |  | 1,690
Gain on sale of discontinued operations |  |  | - |  |  | 39,491 |  |  | - |  |  | 39,491
Income (loss) before taxes |  |  | 1,150 |  |  | 42,222 |  |  | (809) |  |  | 41,181
Income tax expense (benefit) |  |  | 43 |  |  | 20,657 |  |  | (379) |  |  | 20,589
Income (loss) from discontinued operations, net of tax |  | $ | 1,107 |  | $ | 21,565 |  | $ | (430) |  | $ | 20,592
In connection with the GMP Sale, all interest related to outstanding debt that was required to be repaid pursuant to the terms of the Company’s amended and restated loan agreement with Zions First National Bank (the “Lender”) is allocated to discontinued operations in our condensed consolidated financial statements. Summarized condensed cash flow information for both GMP and POC discontinued operations are as follows:
|  | Nine Months Ended
|  | September 30, 2015 |  | September 30, 2014
Depreciation of property and equipment |  |  | 414 |  |  | 440
Amortization of intangible assets |  |  | 852 |  |  | 1,430
Stock-based compensation |  |  | 201 |  |  | 349
Purchase of property and equipment |  |  | (578) |  |  | (682)

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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 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 + Details
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