DISCONTINUED OPERATIONS (Notes)

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

As discussed in Note 1 - Summary of Significant Accounting Policies, on December 4, 2015, the Company and WESSCO entered into the Asset Purchase Agreement with Compactor Rentals pursuant to which the Company sold its “Waste Services Segment,” consisting of substantially all of the assets used in (i) the Company’s commercial, retail and industrial waste and recycling management services business which the Company operated under the name “Computerized Waste Systems” or “CWS,” and (ii) the Company’s equipment sales, rental and maintenance business for the commercial and industrial waste and recycling industry which the Company operated under the name “Waste Equipment Sales and Service Company.

The Company received cash consideration at closing of $7.5 million, less $150,000 retained by Compactor Rentals which will be released to the Company or retained by Compactor Rentals in connection with any working capital adjustment. Compactor Rentals assumed certain liabilities relating to the Waste Services Segment, including but not limited to, current liabilities, warranty liabilities, and post-closing liabilities incurred in connection with transferred contracts. The transaction expenses related to the sale were $350.0 thousand and a gain of $6,031.0 thousand was recorded.

The sale included substantially all of the assets of the Waste Services Segment including, but not limited to, current assets, accounts receivable, tangible personal property, certain leases, inventory, intellectual property, rights under transferred contracts, rights of action and all associated goodwill and other intangible assets associated with the transferred assets. The Company's policy was to not allocate interest to discontinued operations.

The Asset Purchase Agreement contains standard and customary representations, warranties and covenants, including a restrictive covenant under which the Company will be prohibited from competing with the Waste Services Segment for five years following the closing.

Assets held for sale, current on the accompanying consolidated balance sheet at December 31, 2014 includes $398.0 thousand related to property available for sale. Financial information for the Waste Services discontinued operations is summarized as follows:

	2014
	in thousands
ASSETS
Current assets
Accounts receivable - trade, net	$	737
Inventories	48
Total current assets	785
Net property and equipment	1,179
Other assets	12
Total Assets	$	1,976
LIABILITIES
Current liabilities
Accounts payable	$	828
Other current liabilities	40
Total current liabilities	$	868

	2015		2014
	(in thousands)
Revenue from services and product sales	$	7,402	$	7,313
Cost of sales for services	5,486		5,188
Selling, general, and administrative expenses	678		746
Gain on the sale of business	6,031		—
Gain on the sale of equipment	51		34
Net income	$	7,320	$	1,413

	2015			2014
	(in thousands)
Cash flows from operating activities
Net income from discontinued operations	$	7,320		$	1,413
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	402			436
Gain on sale of property and equipment	(51		)	(34		)
Gain on sale of business	(6,031		)	—
Change in assets and liabilities
Receivables	(103		)	223
Inventories	10			6
Other assets	12			168
Accounts payable	172			(352		)
Other current liabilities	52			(28		)
Net cash from operating activities	$	1,783		$	1,832
Cash flows from investing activities
Proceeds from sale of property and equipment	76			57
Proceeds from sale of business, net of disposal costs	7,000			—
Purchases of property and equipment	(432		)	(347		)
Net cash provided by (used in) investing activities	$	6,644		$	(290	)

A pro forma summary of continuing operations for the three months ended December 31, 2015 and 2014 assuming the Waste Services Segment was sold at the beginning of the quarter is as follows (unaudited):

	2015			2014
	(in thousands, except per share data)
Total revenue	$	6,555		$	26,619
Net loss from continuing operations	(2,351		)	(6,503		)
Net income (loss)	3,680			(6,503		)
Net loss from continuing operations per share	$	(0.29	)	$	(0.82	)
Net income (loss) per share	0.46			(0.82		)