XML 23 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Note 6 - Discontinued Operations
 6 Months Ended
Jun. 24, 2017
Notes to Financial Statements  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
6.
Discontinued Operations
 
In
June 2015,
we sold all of the outstanding stock of BMS for
$4.9
 million in cash and up to
$2.5
 million of contingent cash consideration. Our decision to sell this non-core business resulted from management’s determination that it was
no
longer a strategic fit within our organization. As part of the divestiture of BMS we recorded a long-term contingent consideration receivable that has been classified as Level 
3
in the fair value hierarchy.  See Note
3,
“Financial Instruments Measured at Fair Value” for additional information on the
three
-tier fair value hierarchy.
The contingent consideration represents the estimated fair value of future payments we are due from the buyer should BMS achieve specified annual revenue targets in certain years as specified in the sale agreement. The periodic fair value of the contingent consideration is determined through the use of the Monte Carlo simulation model. Based on updated information the contingent consideration receivable was adjusted in the
second
quarter of
2017
and is included in the loss from sale of BMS amount below. 
 
 
 
   
Three Months Ended
    
Six Months Ended
  
   
June 24,
    
June 25,
    
June 24,
    
June 25,
  
   
2017
    
2016
    
2017
    
2016
  
                                 
Net sales
   $
-
     $
-
     $
-
     $
-
  
                                 
Operating loss before income taxes
    
-
      
-
      
-
      
-
  
Loss from sale of BMS
    
(278
 )    
(55
 )    
(278
 )    
(55
 )
Loss before taxes
    
(278
 )    
(55
 )    
(278
 )    
(55
 )
Income tax provision
    
-
      
-
      
-
      
-
  
Loss, net of tax
   $
(278
 )   $
(55
 )   $
(278
 )   $
(55
 )