Advances to and Investments in Foreign Joint Ventures' Operations (Tables)

12 Months Ended

Dec. 31, 2017

Sales to foreign joint ventures’ operations are made on an arm’s length basis and intercompany profits, if any, are eliminated in consolidation.

Summary financial information of BOMAY and MIEFE in U.S. dollars was as follows at December 31, 2017 and 2016:

	BOMAY				MIEFE
	2017		2016		2017			2016
Assets:
Total current assets	$	50,000	$	47,700	$	121		$	425
Total non-current assets		3,457		3,589		15			17
Total assets	$	53,457	$	51,289	$	136		$	442
Liabilities and equity:
Total liabilities	$	25,598	$	24,196	$	198		$	551
Total joint ventures’ equity		27,859		27,093		(62	)		(109	)
Total liabilities and equity	$	53,457	$	51,289	$	136		$	442


	Twelve Months Ended December 31,
	BOMAY				MIEFE
	2017		2016		2017			2016

Revenue	$	26,168	$	33,468	$	89		$	1,167
Gross Profit	$	5,654	$	6,687	$	23		$	481
Earnings	$	1,084	$	2,010	$	55		$	(631	)

The Company’s investments in and advances to its foreign joint ventures’ operations were as follows as of December 31, 2017 and 2016:

	2017									2016
	BOMAY*			MIEFE			TOTAL			BOMAY*			MIEFE			TOTAL
	(in thousands)									(in thousands)
Investments in foreign joint ventures:
Balance, beginning of year	$	2,033		$	14		$	2,047		$	2,033		$	14		$	2,047
Additional amounts invested and advanced		-			-			-			-			-			-
Balance, end of year		2,033			14			2,047			2,033			14			2,047
Undistributed earnings:
Balance, beginning of year		8,313			(14	)		8,299			8,098			(11	)		8,087
Equity in earnings (loss)		434			-			434			804			(3	)		801
Dividend distributions		(780	)		-			(780	)		(589	)		-			(589	)
Balance, end of year		7,967			(14	)		7,953			8,313			(14	)		8,299
Foreign currency translation:
Balance, beginning of year		104			213			317			765			205			970
Change, during the year		633			(3	)		630			(661	)		8			(653	)
Balance, end of year		737			210			947			104			213			317
Investments, end of year	$	10,737		$	210		$	10,947		$	10,450		$	213		$	10,663