| Schedule of Assets Held for Sale |
The following table presents the aggregate carrying amounts of the classes of assets and liabilities of discontinued operations of Munhall:
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|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
June 30, 2023 |
|
December 31, 2022 |
| Carrying amounts of assets included as part of discontinued operations: |
|
|
|
| Cash and cash equivalents |
$ |
— |
|
|
$ |
1 |
|
| Accounts receivable, net |
3,265 |
|
|
8,058 |
|
| Inventories |
— |
|
|
28,880 |
|
| Prepaid expenses and other current assets |
176 |
|
|
1,181 |
|
| Current assets classified as discontinued operations |
3,441 |
|
|
38,120 |
|
| Property, plant and equipment, net |
— |
|
|
5,301 |
|
| Right-of-use assets, operating leases, net |
13 |
|
26 |
| Intangible assets, net |
— |
|
|
386 |
| Other non-current assets, net |
— |
|
|
1,904 |
|
| Long-term assets classified as discontinued operations |
13 |
|
|
7,617 |
|
| Total assets classified as discontinued operations |
$ |
3,454 |
|
|
$ |
45,737 |
|
|
|
|
|
| Carrying amounts of liabilities included as part of discontinued operations: |
|
|
|
| Accounts payable |
$ |
641 |
|
|
$ |
3,108 |
|
| Accrued expenses and other current liabilities |
1,184 |
|
|
521 |
|
| Current portion of operating lease liabilities |
14 |
|
|
27 |
|
| Total liabilities classified as discontinued operations |
$ |
1,839 |
|
|
$ |
3,656 |
|
The financial results of Munhall are presented as income (loss) from discontinued operations, net of tax on the unaudited condensed consolidated statements of income (loss). The following table summarizes the results of discontinued operations of Munhall:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| (in thousands) |
2023 |
|
2022 |
|
2023 |
|
2022 |
| Net sales |
$ |
7,629 |
|
|
$ |
31,602 |
|
|
$ |
22,663 |
|
|
$ |
64,112 |
|
| Cost of sales |
12,345 |
|
|
30,913 |
|
|
30,228 |
|
|
62,385 |
|
| Gross profit |
(4,716) |
|
|
689 |
|
|
(7,565) |
|
|
1,727 |
|
|
|
|
|
|
|
|
|
| Selling, general and administrative expense |
2,819 |
|
|
512 |
|
|
4,065 |
|
|
1,104 |
|
| Asset impairments |
6,305 |
|
|
— |
|
|
6,305 |
|
|
— |
|
| Earnout adjustments |
— |
|
|
(109) |
|
|
— |
|
|
(7) |
|
| Other, net |
— |
|
|
— |
|
|
74 |
|
|
— |
|
| Operating income (loss) of discontinued operations |
(13,840) |
|
|
286 |
|
|
(18,009) |
|
|
630 |
|
| Loss on classification as held for sale |
83 |
|
|
— |
|
|
83 |
|
|
— |
|
| Income (loss) on discontinued operations before income taxes |
(13,923) |
|
|
286 |
|
|
(18,092) |
|
|
630 |
|
| Income tax provision (benefit) |
(3,035) |
|
|
51 |
|
|
(3,954) |
|
|
142 |
|
| Net income (loss) from discontinued operations |
$ |
(10,888) |
|
|
$ |
235 |
|
|
$ |
(14,138) |
|
|
$ |
488 |
|
Munhall assets classified as held for sale as are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
June 30, 2023 |
|
December 31, 2022 |
| Inventory, net |
$ |
13,494 |
|
|
$ |
— |
|
| Property, plant and equipment, net |
869 |
|
|
— |
|
| Other assets, net |
3,035 |
|
|
— |
|
| Assets held for sale |
$ |
17,398 |
|
|
$ |
— |
|
Palmer assets classified as held for sale as are as follows:
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|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
June 30, 2023 |
|
December 31, 2022 |
| Inventory, net |
$ |
— |
|
|
$ |
198 |
|
| Property, plant and equipment, net |
— |
|
|
182 |
|
| Assets held for sale |
$ |
— |
|
|
$ |
380 |
|
|