Note 3. DISCONTINUED OPERATIONS

6 Months Ended

Jun. 27, 2014

Discontinued Operations and Disposal Groups [Abstract]

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

Note 3. DISCONTINUED OPERATIONS

On January 24, 2013, the Company announced the closure of the Glit division of Continental Commercial Products, LLC. The Company ceased the majority of the operations of the division in the first quarter of 2013.  In addition, the Company entered into agreements to sell certain assets related to the Glit division in the first quarter of 2013. The Company used the net proceeds from the sale of assets to settle the outstanding operating liabilities related to the division and reduce the outstanding balance under the PB Loan Agreement (as defined in Note 5 below).

On July 24, 2012, the Company announced the closure of the Container division of CCP. The Company sold certain assets related to the Container division for $0.6 million.

On September 20, 2012, the Company sold certain assets related to the Gemtex division to 2340258 Ontario, Inc. (the "Buyer"), a corporation incorporated under the laws of the Province of Ontario, for $1.0 million, $0.7 million of which will be payable in 48 monthly installments subject to certain prepayment requirements in connection with the generation of excess cash by the Buyer. The Company used the net proceeds from the transaction to reduce its outstanding balance under the PB Loan Agreement (see Note 5).

The closure of the Glit and Container divisions and sale of the Gemtex division met the criteria for classification as discontinued operations in accordance with GAAP; therefore, the Company has classified the results of the Glit, Container and Gemtex divisions as discontinued operations for all periods presented. Selected financial data for discontinued operations is summarized as follows (amounts in thousands):

	For the Six Months Ended
	June 28, 2013
	Total		Container Division			Gemtex Division		Glit Division
Net sales	$	8,007	$	-		$	-	$	8,007
Operating income (loss)  - net of tax	$	387	$	(301	)	$	13	$	675

	For the Three Months Ended
	June 28, 2013
	Total			Container Division			Gemtex Division		Glit Division
Net sales	$	1,047		$	-		$	-	$	1,047
Operating income (loss)  - net of tax	$	(182	)	$	(53	)	$	13	$	(142	)

The Company recognized deferred revenue of $1.9 million in the six months ended June 28, 2013. The recognition of deferred revenue is included in net sales for the Glit Division.

The components of assets and liabilities held for sale as of June 27, 2014 and December 31, 2013 are as follows (amounts in thousands):

	June 27,		December 31,
	2014		2013
Assets
Receivables from property and equipment sales	$	21	$	74