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DISCONTINUED OPERATIONS
 3 Months Ended
Mar. 31, 2012
DISCONTINUED OPERATIONS  
DISCONTINUED OPERATIONS

 

 

NOTE 3 — DISCONTINUED OPERATIONS

 

In March 2011, the Company completed the divestiture of its logistics business, through the sale of its wholly owned subsidiary Badger Transport, Inc. (“Badger”) to BTI Logistics, LLC (“BTI Logistics”). Proceeds from the sale included approximately $800 in cash, a $1,500 secured promissory note payable in quarterly installments of $125 beginning September 30, 2011, and 100,000 shares of Broadwind common stock held by the buyer. The purchase price is subject to final working capital adjustments and certain contingencies and indemnifications. In addition, BTI Logistics assumed approximately $2,600 of debt and capital leases, plus approximately $1,600 of operating lease obligations.

 

Results of operations for Badger, which are reflected as discontinued operations in the Company’s consolidated statements of income for the three months ended March 31, 2012 and 2011, were as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Revenues

 

$

—

 

$

435

 

Loss before benefit for income taxes

 

—

 

(1,125

)

Income tax provision

 

—

 

2

 

Loss from discontinued operations

 

$

—

 

$

(1,127

)