Note 13 - Discontinued Operations

12 Months Ended

Dec. 28, 2019

Notes to Financial Statements

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

13. Discontinued Operations

Fixtures Services Business (“FSG”)

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

and it has been presented as discontinued operation. 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 for the years ended

December 28, 2019

and

December 29, 2018.

In

February 2020,

we completed the sale of this business which generated a charge of

$1.1

 million, taken in the

fourth

quarter of

2019,

as a result of the impairment of goodwill and purchased intangible assets associated with this operating segment. The goodwill and purchased intangible assets were

not

pushed down in consolidation and had previously been presented as part of our Semiconductor Test & Inspection segment.

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

(in thousands)

:

	December 28,		December 29,
	2019		2018
Assets:
Cash	$	736	$	461
Accounts receivable, net		1,316		1,718
Inventories		1,411		1,388
Other current assets		40		174
Total current assets		3,503		3,741
Property, plant and equipment, net		33		66
Other noncurrent assets		82		13
Total assets	$	3,618	$	3,820
Liabilities:
Other accrued current liabilities	$	599	$	518
Total current liabilities		599		518
Noncurrent liabilities		24		-
Total liabilities	$	623	$	518

Operating results of our discontinued operations are summarized as follows

(in thousands)

:

	December 28,			December 29,		December 30,
	2019			2018		2017
Net sales	$	6,136		$	1,593	$	-
Operating income	$	478		$	157	$	-
Loss from impairment of FSG		(1,086	)		-		-
Loss from sale of BMS (1)		-			-		(278	)
Income (loss) before taxes		(608	)		157		(278	)
Income tax provision		89			38		-
Income (loss), net of tax	$	(697	)	$	119	$	(278	)