DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

Test Product Line

During the fourth quarter of 2011, CXR Larus Corporation (“CXR Larus”), a wholly-owned subsidiary of the Company, committed to the sale of certain assets relating solely to the CXR Larus product line of telecommunications test equipment (the “Test Product Line”). The sale of these assets was completed on February 7, 2012. The Test Product Line was previously included in the Company's communications equipment segment and was accounted for as an asset held for sale as of December 31, 2011

The following table reflects the major classes of assets and liabilities for the Test Product Line as of December 31, 2011 (in thousands):

	December 31, 2011
Accounts receivable, net	$	131
Inventory, net	214
Prepayments and other current assets	—
Total current assets	345
Property, plant and equipment, net	—
Total assets	$	345
Total current liabilities	$	13

 There were no test equipment assets or liabilities remaining at September 30, 2012.

In 2010 the Company entered into a stock purchase agreement with Aeroflex Incorporated relating to the sale of the common stock of Advanced Control Components Inc (''ACC''), a subsidiary of the Company at that date. The agreement allowed for an adjustment to the sale price dependent upon, among other things, a calculation of net working capital. The Company classified the ACC operations as discontinued operations in 2010 and this was disclosed as discontinued operations in 2011.

The following tables summarize certain components of the statements of operations for discontinued operations for the Test Product Line and for ACC for the three and nine months ended September 30, 2012 (in thousands):

	2012
	Three Months Ended September 30,						Nine Months Ended September 30,
	Test Product Line		ACC		Total		Test Product Line			ACC		Total
Net Sales	—		—		—		—			—		—
Income from operations	—		—		—		—			—		—
Other income (expense)	—		—		—		(9		)	—		(9		)
Provision for income taxes	—		—		—		—			—		—
Net (loss)/income	—		—		—		$	(9	)	—		$	(9	)
(Loss) earnings per share:			—
Basic and diluted	—		—		—		—			—		—
Weighted average shares outstanding:
Basic	10,692		10,692		10,692		10,687			10,687		10,687
Diluted	10,692		10,692		10,692		10,687			10,687		10,687
	2011
	Three months ended September 30,						Nine months ended September 30,
	Test Product Line		ACC		Total		Test Product Line			ACC		Total
Net Sales	$	177	—		177		$	503		—		503
Income from operations	$	52	$	110	$	162	$	153		$	526	$	679
Other income (expense)	—		—		—		—			—		—
Provision for income taxes	—		$	43	$	43	—			$	154	154
Net income	$	52	$	67	$	119	$	153		$	372	$	525
Earnings per share:
Basic and diluted	—		0.01		0.01		0.01			0.03		0.05
Weighted average shares outstanding:
Basic	10,668		10,668		10,668		10,667			10,667		10,667
Diluted	10,668		10,668		10,668		10,667			10,667		10,667