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Discontinued Operations

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

During the third quarter of 2022, the Company sold its inertial navigation business. The Company determined that the sale met the requirements for reporting as discontinued operations in accordance with Accounting Standards Codification (ASC) 205-20. There were no assets or liabilities of the inertial navigation business as of December 31, 2022 or September 30, 2023. Please see Note 1 for further discussion.

The following table presents a reconciliation of the major financial line items constituting the results for discontinued operations to the net income from discontinued operations, net of tax, presented separately in the Company's consolidated statement of operations for the three and nine months ended 2022:

			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2022						2022
Sales:
Product			$	1,276					$	16,042
Service			218						679
Net sales			1,494						16,721
Costs and expenses:
Costs of product sales			1,504						12,732
Costs of service sales			169						457
Research and development			374						3,147
Sales, marketing and support			348						3,035
Other income, net			12						81
Loss from discontinued operations before income tax expense			(889)						(2,569)
Gain on sale of discontinued operations before tax expense			30,858						30,858
Total income from discontinued operations before tax expense			$	29,969					$	28,289
Income tax expense on discontinued operations			228						228
Net income from discontinued operations, net of tax			$	29,741					$	28,061
Net income from discontinued operations per common share
Basic			$	1.59					$	1.51
Diluted			$	1.59					$	1.51
Weighted average number of common shares outstanding:
Basic			18,706						18,574
Diluted			18,706						18,574

The following table presents supplemental cash flow information of the discontinued operations:

			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2022						2022
Cash used in operating activities - discontinued operations			$	(252)					$	(3,853)
Cash used in investing activities - discontinued operations			$	(220)					$	(307)

The following table presents non-cash expenses from discontinued operations:

			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2022						2022
Depreciation			$	91					$	622
Compensation expense related to stock-based awards and employee stock purchase plan			$	237					$	475

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//205-20/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//360/tableOfContent

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