Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2018

Discontinued Operations And Disposal Groups [Abstract]

Summary of Assets and Liabilities Held for Sale and Operating Results

The following tables summarize the M&I Electric Industries Inc. United States assets and liabilities held for sale and operating results.

M&I Electric Industries Inc. in the United States

Assets and Liabilities held for sale

(in thousands)

	June 30,		December 31,
	2018		2017
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	2,858	$	2,046
Restricted short-term investments		50		50
Accounts receivable-trade, net		5,405		5,266
Inventories, net		1,206		1,325
Cost and estimated earnings in excess of billings on uncompleted contracts		1,973		5,841
Prepaid expenses and other current assets		379		384
Total current portion of assets held for sale		11,871		14,912
Property, plant and equipment, net		6,000		6,323
Intangibles		506		458
Retainage receivables		-		785
Total non-current assets held for sale		6,506		7,566
Total assets held for sale	$	18,377	$	22,478
Liabilities
Current liabilities:
Accounts payable and other accrued expenses	$	9,378	$	11,278
Short-term note payable		116		150
Accrued payroll and benefits		415		338
Billings in excess of costs and estimated earnings on uncompleted contracts		3,801		1,792
Total current liabilities held for sale		13,710		13,558
Total liabilities held for sale	$	13,710	$	13,558

M&I Electric Industries Inc. in the United States

Statements of Operations (Discontinued)

Unaudited

(in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Net sales	$	3,736		$	11,811		$	17,899		$	30,255
Cost of sales		4,326			11,028			20,358			29,716
Gross margin		(590	)		783			(2,459	)		539
Operating expenses:
Research and development		15			55			100			238
Selling and marketing		329			519			1,561			1,561
General and administrative		683			-			681			-
Total operating expenses		1,027			574			2,342			1,799
Income (loss) from discontinued operations		(1,617	)		209			(4,801	)		(1,260	)
Other income (expense):
Interest expense and other, net		6,030			(321	)		5,649			(826	)
Income (loss) from discontinued operations before income taxes		4,413			(112	)		848			(2,086	)
Provision for (benefit from) income taxes on discontinued operations		-			-			-			-
Income (loss) from discontinued operations	$	4,413		$	(112	)	$	848		$	(2,086	)