Discontinued Operations

9 Months Ended

Sep. 26, 2015

Discontinued Operations and Disposal Groups [Abstract]

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

Discontinued Operations

During the second quarter of 2014, we concluded that revenue on our Young America product line remained below the level needed to reach profitability and that the time frame needed to assure sustainable profitability was longer than we felt was economically justified.  Therefore, we made the decision to cease manufacturing operations at our Robbinsville, North Carolina facility and sell the related assets of this facility.  Manufacturing operations were ceased in the third quarter of 2014 and as a result this product line was reflected as a discontinued operation pursuant to the provisions of Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08) for all periods presented.   

Income (loss) from discontinued operations, net of taxes, is comprised of the following:

	Three Months				Nine Months
	Ended				Ended
	Sept. 26,		Sept. 27,		Sept. 26,		Sept. 27,
	2015		2014		2015		2014
Net sales	$	16	$	3,510	$	554	$	19,263
Cost of sales		41		4,295		760		36,748
Selling, general and administrative expenses, net		(36)		333		(134)		3,837
Other income		63		-		63		-
Income (loss) from discontinued operations before income taxes		74		(1,118)		(9)		(21,322)
Income taxes		-		-		-		-
Income (loss) from discontinued operations, net of income taxes	$	74	$	(1,118)	$	(9)	$	(21,322)

In the current year three month period, income from discontinued operations resulted from better realization on assets than originally estimated.  In the current nine month period, the loss from discontinued operations is from cost related to the final disposition of inventory.  In the prior year, losses from discontinued operations included accelerated depreciation and amortization, write-down of inventories and other assets, severance and other termination costs and operating losses related to final manufacturing production.

Net assets for discontinued operations are as follows:

	September 26,		December 31,
	2015		2014
Accounts receivable, net	$	-	$	695
Inventory, net		-		678
Total assets		-		1,373
Accounts payable and other liabilities		16		93
Net (liabilities) assets	$	(16)	$	1,280