Note 3. DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2011

Discontinued Operations, Policy [Policy Text Block]

Note 3.    DISCONTINUED OPERATIONS

On October 4, 2011, the Company sold substantially all assets and certain liabilities related to the DISCO division of CCP to DISCO Acquisition Corp., a Pennsylvania corporation and an affiliate of Cellucap Manufacturing Company, for $19.0 million, subject to pre-closing and post-closing adjustments based on working capital levels, an indemnification escrow of $0.5 million and a deferred lease maintenance adjustment of $10,000 (the “Sale Event”). The Company used net proceeds from the transaction to reduce its outstanding balance under the PNC Credit Agreement (as defined below). The sale of the DISCO division met the criteria for classification as a discontinued operation in accordance with GAAP; therefore, the Company has classified the results of the DISCO division as discontinued operations for all periods presented, and the assets and liabilities of the DISCO division as held for sale as of December 31, 2010. Selected financial data for discontinued operations is summarized as follows (amounts in thousands):

	For the Years Ended December 31,
	2011		2010
Net sales	$	12,622	$	16,239
Pre-tax operating income	$	2,843	$	3,561
Gain on sale, net of tax	$	11,099	$	-

The components of assets and liabilities held for sale as of December 31, 2010 are as follows (amounts in thousands):

Assets
Accounts receivable, net	$	2,033
Inventories, net		1,441
Other current assets		16
Intangibles, net		698
Property and equipment, net		105
	$	4,293
Liabilities
Accounts payable	$	975
Accrued compensation		56
Accrued expenses		314
	$	1,345