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Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2018
Discontinued Operations And Disposal Groups [Abstract]  
Summary of Analysis of Assets and Liabilities Reclassified as Held for Sale and Operating Results and Analysis of Assets Sold and Liabilities Assumed by Buyer and Related Gain on Sale from Transaction and Supplemental Cash Flow Information of Discontinued Business

Following is an analysis of assets and liabilities of M&I reclassified as held for sale at December 31, 2017:

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Accounts receivable-trade, net

 

$

5,266

 

Inventories, net

 

 

1,325

 

Contract assets

 

 

5,841

 

Prepaid expenses and other current assets

 

 

434

 

Total current portion of assets held for sale

 

 

12,866

 

Property, plant and equipment, net

 

 

6,323

 

Intangibles

 

 

458

 

Retainage receivables

 

 

785

 

Total non-current assets held for sale

 

 

7,566

 

Total assets held for sale

 

$

20,432

 

Liabilities

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable and accrued liabilities

 

$

11,616

 

Short-term note payable

 

 

150

 

Contract liabilities

 

 

1,792

 

Total liabilities held for sale

 

$

13,558

 

 

The following is an analysis of the results of operations of the discontinued business of M&I for the years ended December 31, 2018 and 2017:

 

 

 

Year ended December 31,

 

 

 

2018

 

 

2017

 

Net sales

 

$

17,899

 

 

$

41,414

 

Cost of sales

 

 

20,358

 

 

 

40,136

 

Selling, general and administrative expenses

 

 

1,660

 

 

 

2,255

 

Interest expense

 

 

1,298

 

 

 

1,054

 

Loss from discontinued operations

 

 

(5,417

)

 

 

(2,031

)

Gain on sale of discontinued operations

 

 

4,521

 

 

 

-

 

Loss from discontinued operations

 

$

(896

)

 

$

(2,031

)

Earnings (loss) per share information:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.10

)

 

$

(0.24

)

The following is an analysis of assets sold and liabilities assumed by the Buyer and the related gain on the sale from the Transaction:

 

Assets sold:

 

 

 

 

Current assets:

 

 

 

 

Accounts receivable-trade, net

 

$

3,360

 

Inventories, net

 

 

1,145

 

Contract assets

 

 

2,957

 

Prepaid expenses and other current assets

 

 

117

 

Total current portion of assets held for sale

 

 

7,579

 

Property, plant and equipment, net

 

 

5,937

 

Intangibles

 

 

497

 

Total non-current assets held for sale

 

 

6,506

 

Total assets held for sale

 

$

14,013

 

Liabilities assumed:

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable and accrued liabilities

 

$

5,664

 

Contract liabilities

 

 

2,752

 

Total current liabilities

 

 

8,416

 

Net assets sold

 

 

5,597

 

Proceeds received after payment of transaction costs of $2,180

 

 

10,118

 

Gain on disposition

 

$

4,521

 

Following is an analysis of supplemental cashflow information of the discontinued business of M&I for the years ended December 31, 2018 and 2017:

 

 

 

2018

 

 

2017

 

 

(in thousands)

 

Depreciation

$

 

238

 

$

 

644

 

Capital expenditures

 

 

85

 

 

 

738