Note 10 - Discontinued Operations

3 Months Ended

Mar. 28, 2020

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

and it has been presented 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 for all periods presented.

In

2019,

we recorded a charge of

$1.1

 million to impair goodwill and purchased intangible assets associated with this operating segment as the estimated fair value less cost to sell exceeded the carrying value. In

February 2020,

we completed the sale of this business with an immaterial impact to the statement of operations for the

three

months ended

March 28, 2020.

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

(in thousands)

:

	March 28,		December 28,
	2020		2019
Assets:
Cash and cash equivalents	$	-	$	736
Accounts receivable, net		-		1,316
Inventories		-		1,411
Other current assets		-		40
Total current assets		-		3,503
Property, plant and equipment, net		-		33
Other noncurrent assets		-		82
Total assets	$	-	$	3,618
Liabilities:
Other accrued current liabilities	$	-	$	599
Total current liabilities		-		599
Noncurrent liabilities		-		24
Total liabilities	$	-	$	623

Operating results of our discontinued segment are summarized as follows

(in thousands)

:

	Three Months Ended
	March 28,		March 30,
	2020		2019
Net sales	$	432	$	1,592
Operating income before income taxes	$	11	$	189
Gain on sale of Fixtures business		35		-
Income before taxes		46		189
Income tax provision		4		25
Income, net of tax	$	42	$	164