Sale of Algenist and Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

The gain on the sale of Algenist was as follows (in thousands):

Cash received, net of closing costs	$	18,836
19.9% interest in Algenist at fair value	1,600
	20,436
Net assets sold (primarily working capital)	(11,763		)
Gain on sale of Algenist before income taxes	$	8,673

The summary comparative financial results of the Algenist discontinued operations were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Total revenues	$	2,204		$	6,882		$	13,674		$	18,284
Costs and operating expenses:
Cost of product revenues	936			2,159			4,724			5,826
Sales, general and administrative	2,233			4,453			12,525			13,879
Total costs and operating expenses	3,169			6,612			17,249			19,705
Income (loss) before other expense	(965		)	270			(3,575		)	(1,421		)
Other expense	(17		)	(2		)	(29		)	—
Gain on sale of Algenist	8,673			—			8,673			—
Income (loss) from discontinued operations before income taxes	7,691			$	268		$	5,069		$	(1,421	)
Income tax provision	1,839			—			1,839			—
Income (loss) from discontinued operations	$	5,852		$	268		$	3,230		$	(1,421	)

Assets and liabilities related to Algenist presented as discontinued operations as of December 31, 2015 were as follows (in thousands):

Accounts receivable	$	1,941
Inventories	8,806
Prepaid expenses and other current assets	2,642
Current assets of discontinued operations	$	13,389
Property, plant and equipment, net	$	348
Accounts payable	$	2,065
Accrued liabilities	849
Current liabilities of discontinued operations	$	2,914
Noncurrent liabilities of discontinued operations	$	26