Note 10 - Discontinued Operations

9 Months Ended

Sep. 28, 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 condensed consolidated financial statements as discontinued operations.

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

(in thousands)

:

	September 28,		December 29,
	2019		2018
Assets:
Cash and cash equivalents	$	1,176	$	461
Accounts receivable, net		1,466		1,718
Inventories		1,074		1,388
Other current assets		17		174
Total current assets		3,733		3,741
Property, plant and equipment, net		40		66
Other noncurrent assets		90		13
Total assets	$	3,863	$	3,820
Liabilities:
Other accrued current liabilities	$	564	$	518
Total current liabilities		564		518
Noncurrent liabilities		34		-
Total liabilities	$	598	$	518

Operating results of our discontinued segment are summarized as follows

(in thousands)

:

	Three Months Ended		Nine Months Ended
	September 28,		September 28,
	2019		2019
Net sales	$	1,720	$	5,020
Operating income before income taxes	$	173	$	400
Income tax provision		19		58
Income, net of tax	$	154	$	342