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Discontinued Operations | 12 Months Ended
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Dec. 31, 2018
Discontinued Operations [Abstract] |
Discontinued Operations | Note 19 – Discontinued Operations Further to that mentioned in Note 1(B), the sale of the Company’s PCB business unit was completed in 2017. The Company received a gross amount of $32 million as a result of the acquisition, from which an amount of $2 million was deducted in respect of acquisition expenses and working capital adjustments. As a result of the sale the Company recognized a capital gain in the amount of $ 12.8 million. Accordingly, the activities of the PCB business have been segregated and reported as discontinued operations in the consolidated statements of operations for the prior periods presented. The following table presents a reconciliation of the major classes of line items constituting pretax profit from discontinued operations to after-tax profit reported in discontinued operations for the years ended December 31, 2017 and 2016:
|  | Year Ended December 31, |
|  | 2017 |  |  | 2016 |
|  | U.S. Dollars (In thousands) |
Results of discontinued operation: |  |  |  |  |  |
Total revenues |  |  | 36,447 |  |  |  | 30,295 |
Total cost of revenues |  |  | 21,368 |  |  |  | 18,831 |
Research and development costs |  |  | (3,228 | ) |  |  | (3,266 | )
Selling, general and administrative expenses |  |  | (6,260 | ) |  |  | (3,601 | )
Financial expenses, net |  |  | (96 | ) |  |  | (147 | )
Gain on sale of discontinued operation |  |  | 12,807 |  |  |  | - |
Income from discontinued operations before taxes |  |  | 18,302 |  |  |  | 4,450 |
Income tax expense |  |  | (6,028 | ) |  |  | (585 | )
Net income from discontinued operations |  |  | 12,274 |  |  |  | 3,865 |
|  | Year Ended December 31, |
|  | 2017 |  |  | 2016 |
|  | U.S. Dollars (In thousands) |
Cash flows from discontinued operation |  |  |  |  |  |
Net cash used in operating activities * |  |  | (11,247 | ) |  |  | (758 | )
Net cash provided by (used in) investing activities** |  |  | 29,854 |  |  |  | (164 | )
Net cash provided by financing activities |  |  | - |  |  |  | - |
Net cash provided by (used in) discontinued operations |  |  | 18,607 |  |  |  | (922 | )
*Including adjustment for the gain from sale of the discontinued operation in the amount of $12,807 in 2017. **Including net proceeds from the sale of the discontinued operation of $29,967 in 2017.
|  | December 31, |
|  | 2017 |
|  | U.S. Dollars (In thousands) |
Effect of disposal on the financial position of the Company as at the transaction date |  |  |
Trade and other receivables |  |  | 16,526 |
Inventories |  |  | 11,219 |
Fixed and intangible assets |  |  | 763 |
Trade payables |  |  | (4,426 | )
Other payables |  |  | (6,922 | )
Net assets and liabilities |  |  | 17,160 |
Net cash consideration |  |  | 29,967 |
Gain on sale of discontinued operation |  |  | 12,807 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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