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Gain on Sale of Property, Plant and Equipment
12 Months Ended
Feb. 28, 2014
Gain on Sale of Property, Plant and Equipment

Note 15. Gain on Sale of Property, Plant and Equipment

On July 5, 2012, the Company sold its property at 8-18 Riverside Drive in White Mills, PA for $750 thousand. The Company received a $60 thousand down payment and financed the remaining $690 thousand on a ten-year note at an 8% interest rate. The Company is accounting for the sale on the installment method. The total gain on the sale is approximately $602 thousand. The Company recognized approximately $48 thousand of the gain at the time of the sale and the remaining gain of approximately $554 thousand will be recognized as payments are received. The Company is in the process of repossessing the property as the buyer has not made any payments other than a minimal amount of interest. The Company expects to be in possession of the building no later than June, 2014.

On May 2, 2013, the Company sold its property at 1416 Alpine Boulevard in Bossier City, LA for $532 thousand. The Company received cash of $495 thousand after commissions and closing costs. The Company recognized a gain on sale of $397 thousand.