Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

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

4.  Discontinued Operations

The Company has accounted for the Real Estate Division as discontinued operations and, accordingly, has restated all prior period information.

On April 4, 2012, the Company sold its land located in Silver City, New Mexico since it did not relate to the core business of the Company.  An asset impairment charge of $224,000 was recorded in 2011 and an additional loss on the sale of assets of $5,000 was recorded in 2012.

On February 26, 2013, the Company completed a short sale of its real estate rental property located in Santa Fe, New Mexico for a purchase price of $1.6 million since it did not relate to the core business of the Company.  As a result of the sale, the mortgage was satisfied and the Company recorded a gain of $1.0 million in discontinued operations in 2013.

The assets and liabilities associated with discontinued operations and the related results of operations have been reclassified in the Consolidated Financial Statements as discontinued operations.

The following table presents the financial results of the discontinued operations for the years ended December 31, 2013 and 2012:

In thousands,
except per share data	2013		2012
Revenues	$	3	$	41
Cost of revenues		14		63
Gross profit (loss)		(11)		(22)
General and administrative expenses		-		(55)
Operating loss		(11)		(77)
Interest expense, net		(18)		(154)
Gain (loss) on sale of Assets		1,052		(5)
Income (loss) from discontinued operations before income tax		1,023		(236)
Income tax (benefit) expense		(392)		89
Net income (loss) from discontinued operations		631		(147)
Income (loss) per share discontinued operations – basic and diluted	$	0.61	$	(0.24)

There are no remaining assets or liabilities to be reported as discontinued operations as of December 31, 2013.  The following is a detail of the assets and liabilities reported as discontinued operations and classified as assets and liabilities associated with discontinued operations in the Consolidated Balance Sheet as of December 31, 2012:

In thousands	2012
Prepaids and other assets	$	-
Property and equipment, net		734
Other assets		1
Total assets associated with discontinued operations	$	735
Current liabilities	$	1,764
Long-term liabilities		3
Total liabilities associated with discontinued operations	$	1,767