v3.20.1

DISPOSITIONS OF ASSETS | 3 Months Ended
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Mar. 28, 2020
DISPOSITIONS OF ASSETS |
DISPOSITIONS OF ASSETS | 15. Disposition of Assets On February 1, 2019, the Company and certain of its subsidiaries sold substantially all of the real property, tangible personal property and executory contracts of Transit Mix Concrete Company’s (TMC) ready-mix business and the operations of Daniels Sand Company (Daniels) to Aggregate Industries — WCR, Inc. (the Buyer), a Colorado corporation for $27,129,000. The purchase price was paid to the Company on February 1, 2019 less certain amounts to be held in escrow, as provided in the Asset Purchase Agreement among the Company parties and the Buyer (Purchase Agreement), to secure the Company’s obligations to pay its working capital adjustment and indemnification obligations under the Purchase Agreement. The escrow also retained amounts to be held pending the subdivision of certain real property to be sold to the Buyer at a subsequent date as included in the Purchase Agreement. Combined escrow amounts of $2,049,000 were included in Other current assets in the Consolidated Balance Sheet at December 28, 2019. The escrow funds, less nominal expenses and $111,000 under dispute, were received by the Company during the first quarter 2020. The Company retained the aggregates operations and retail building materials business of TMC and all related assets and liabilities. These operations include the Pikeview quarry business located in Colorado Springs, the aggregates mining business located in Pueblo, the sand and gravel mining business located in Fremont County, and the retail building materials business at sites located in Colorado Springs and Pueblo. In the quarter ended March 30, 2019, the Company recorded a $6,508,000 pre-tax gain on the sale of TMC assets. The operations of the ready-mix and Daniels sand businesses were classified as discontinued. General corporate overhead charges were not allocated to discontinued operations. Revenue, expenses and pre-tax income reclassified to discontinued operations were as follows (amounts in thousands):
| Three Months ended |
| MARCH 28, |  | MARCH 30, |
| 2020 |  | 2019 |
Revenue | $ | — |  | $ | 4,058 |
Costs and expenses |  | — |  |  | (3,900) |
Depreciation, depletion and amortization |  | — |  |  | (578) |
Selling and administrative |  | — |  |  | (304) |
Gain on sales of equipment |  | — |  |  | — |
Gain on sale of assets |  | — |  |  | 6,508 |
Pre-tax income | $ | — |  | $ | 5,784 |
The results of discontinued operations are summarized as follows:
| Three Months ended
| MARCH 28, |  | MARCH 30,
| 2020 |  | 2019
Operating loss | $ | — |  | $ | (724)
Gain on sale of assets |  | — |  |  | 6,508
Income tax benefit |  | — |  |  | (1,562)
Income from discontinued operations | $ | — |  | $ | 4,222

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