Quarterly report pursuant to Section 13 or 15(d)

DISCONTINUED OPERATION (Tables)

v2.4.0.8
DISCONTINUED OPERATION (Tables)
 9 Months Ended
Sep. 27, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]
Assets and liabilities held for sale were comprised of the following at December 28, 2013:
 
Dec 28, 2013
Assets
 
Accounts receivable, net
$
4,168,899

Inventory, net
4,360,891

Prepaid expenses
20,286

  Total current assets held for sale
$
8,550,076

 
 
Property, plant, and equipment, net
$
3,218,095

Goodwill
1,000,000

  Total noncurrent assets held for sale
$
4,218,095

 
 
Liabilities
 
Accounts payable
$
989,717

Accrued expenses
329,159

  Total current liabilities held for sale
$
1,318,876

 
 
The Company's results from discontinued operations are summarized below. These operating results for the three and nine month periods ended September 27, 2014 and September 28, 2013, respectively, do not necessarily reflect what they would have been had the Bristol Fab and Ram-Fab units not been classified as discontinued operations.
 
Three Months Ended
 
Nine Months Ended
 
Sep 27, 2014
 
Sep 28, 2013
 
Sep 27, 2014
 
Sep 28, 2013
 
 
 
 
 
 
 
 
Net sales
$
3,252,000

 
$
5,185,000

 
$
21,963,000

 
$
18,156,000

(Loss) income before income taxes
$
(2,862,000
)
 
$
(1,000
)
 
$
(11,299,000
)
 
$
1,383,000

(Benefit from) provision for income taxes
(963,000
)
 
18,000

 
(3,544,000
)
 
538,000

Net (loss) income from discontinued operations
$
(1,899,000
)
 
$
(19,000
)
 
$
(7,755,000
)
 
$
845,000