Discontinued operations

12 Months Ended

Oct. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations

Note 3 - Discontinued operations

During 2013, the Company sold its RF Neulink and RadioMobile divisions, which together had comprised the Company’s RF Wireless segment. The divisions were sold pursuant to asset purchase agreements, whereby no purchase price was paid at the closing. Rather, the agreements stipulated royalty payments from each of the purchasers over a three-year period. For the years ended October 31, 2016 and 2015, the Company recognized approximately $57,000 and $93,000, respectively, of aggregate royalty income for RF Neulink and RadioMobile, which amounts have been included within discontinued operations.

During March 2016, the Company announced the shutdown of its Bioconnect division, which comprised the entire operations of the Medical Cabling and Interconnect segment. The closure is part of the Company’s ongoing plan to close or dispose of underperforming divisions that are not part of the Company’s core operations. For the year ended October 31, 2016, the Company recognized approximately $148,000 of loss for the Bioconnect division, which amounts have been included within discontinued operations. Included in the fiscal year 2016 loss, the Company recognized a $148,000 pretax write-down on Bioconnect division’s inventory and fixed assets. For the year ended October 31, 2015, the Company recognized approximately $419,000 of income for the Bioconnect division.

 

The following summarized financial information related to the RF Neulink, RadioMobile and Bioconnect divisions is segregated from continuing operations and reported as discontinued operations for the years ended October 31, 2016 and 2015 (in thousands):

	2016		2015
Royalties	$	57	$	93
Bioconnect		(148)		419
Provision (benefit) for income taxes		(33)		212
Income (loss) from discontinued operations, net of tax	$	(58)	$	300