XML 31 R19.htm IDEA: XBRL DOCUMENT

Note 13 - Discontinued Operations

12 Months Ended

Dec. 31, 2011

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

13. DISCONTINUED OPERATIONS

Our subsidiary, Roberts, Cushman and Company, Inc., is classified as discontinued operations. The distributor of custom hat trims ceased doing business in the fourth quarter of 2009 as a result of decreased sales. All prior periods presented have been adjusted to reflect this presentation. Sales, earnings before income tax, and provision for income taxes of the discontinued operation for each year were as follows:

	2011		2010			2009
Sales		-	$	(419	)	$	498,234
Earnings before income taxes		-	$	877		$	84,942

Current provision (benefit):
	Federal	$	(1,394	)	$	701		$	29,205
	State		26			(2,261	)		(475	)
			(1,368	)		(1,560	)		28,730
Deferred provision (benefit):
	Federal		-			617			(645	)
	State		-			54			(56	)
			-			671			(701	)

		$	(1,368	)	$	(889	)	$	28,029

The classes of assets and liabilities of discontinued operations in our consolidated balance sheet as of December 31 were as follows:

	2011		2010
Trade receivables, less allowance		-		-
Inventory		-		-
Property and equipment, net		-		-
Deferred income tax asset		-		-
Total assets		-		-
Accrued expenses and other liabilities		-		-
Income taxes payable		-		(301	)
Deferred income tax liability		-		-
Total liabilities		-		(301	)
Net assets (liabilities)		-	$	301

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References+ Details