Note 10 - Discontinued Operations

6 Months Ended

Jun. 29, 2019

Notes to Financial Statements

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

10. Discontinued Operations

On

October 1, 2018,

we acquired a fixtures services business as part of Xcerra. In the

fourth

quarter of

2018,

our management determined that this business did

not

align with our core business and was

not

a strategic fit within our organization. As a result, the fixtures services business has been marketed for sale since we acquired Xcerra on

October 1, 2018.

We expect to complete the sale of this business within

12

months and it qualifies to be reported as discontinued operations. For financial statement purposes, the results of operations for this business have been segregated from those of continuing operations and are presented in our consolidated financial statements as discontinued operations.

Balance sheet information for our fixtures services business presented as discontinued operations is summarized as follows

(in thousands)

:

	June 29,		December 29,
	2019		2018
Assets:
Cash and cash equivalents	$	750	$	461
Accounts receivable, net		1,856		1,718
Inventories		1,432		1,388
Other current assets		62		174
Total current assets		4,100		3,741
Property, plant and equipment, net		52		66
Other noncurrent assets		13		13
Total assets	$	4,165	$	3,820
Liabilities:
Other accrued current liabilities	$	624	$	518
Total current liabilities		624		518
Noncurrent liabilities		-		-
Total liabilities	$	624	$	518

Operating results of our discontinued segment are summarized as follows

(in thousands)

:

	Three Months Ended		Six Months Ended
	June 29, 2019		June 29, 2019
Net sales	$	1,708	$	3,300
Operating income before income taxes	$	38	$	227
Income tax provision		14		39
Income, net of tax	$	24	$	188