Note 12 - Discontinued Operations

3 Months Ended

Mar. 27, 2021

Notes to Financial Statements

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

12. 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 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.

Operating results of our discontinued segment are summarized as follows (in thousands):

	Three Months Ended
	March 28,
	2020
Net sales	$	432
Operating income before income taxes	$	11
Gain on sale of Fixtures business		35
Income before taxes		46
Income tax provision		4
Income, net of tax	$	42