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Discontinued Operations
12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

20. DISCONTINUED OPERATIONS

On June 7, 2019, we entered into a definitive purchase agreement for approximately $16.6 million in cash. A pre-tax gain of $8.3 million was recognized in connection with this transaction, subject to adjustments for working capital purposes and is classified as Income from discontinued operations in the consolidated statements of operations. In 2020, we concluded final adjustments to the purchase agreement, and we determined no additional proceeds based on the results of operations of the sold business in 2019. There are no other activities recorded in the consolidated statements of operations for the year ended December 31, 2021 and 2020, and no balances recorded in the consolidated balance sheet for the discontinued operations as of December 31, 2021 and 2020.

The associated results of operations are separately reported as Discontinued Operations for all periods presented on the Consolidated Statements of Operations. As such, the results from continuing operations for the Company and segment highlights for Production Enhancement, exclude these discontinued operations.

Selected data for this discontinued business consist of the following (in thousands):

 

 

For the Years Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Services

 

$

 

 

$

 

 

$

1,165

 

Product sales

 

 

 

 

 

 

 

 

4,233

 

Total revenue

 

 

 

 

 

 

 

 

5,398

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

 

 

 

 

 

 

690

 

Cost of product sales

 

 

 

 

 

 

 

 

3,196

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

Other expense (income)

 

 

 

 

 

 

 

 

91

 

Operating income

 

 

 

 

 

 

 

 

1,421

 

Gain (adjustment) on sale

 

 

 

 

 

(573

)

 

 

8,319

 

Income (loss) from discontinued operations
     before income tax

 

 

 

 

 

(573

)

 

 

9,740

 

Income tax expense (benefit)

 

 

 

 

 

(149

)

 

 

1,907

 

Income (loss) from discontinued operations

 

$

 

 

$

(424

)

 

$

7,833

 

 

Net cash provided by operating activities of discontinued operations for the year ended December 31, 2019 was $0.1 million. There was no net cash provided by operating activities of discontinued operations for the years ended December 31, 2021 and 2020.

 

Net cash provided by (used in) investing activities of discontinued operations for the years ended December 31, 2020 and 2019 was $(0.2) million and $14.8 million, respectively. There was no net cash provided by investing activities of discontinued operations for the year ended December 31, 2021.