Note 18. SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2012

Subsequent Events [Text Block]

Note 18.  SUBSEQUENT EVENTS

On January 24, 2013, the Company announced the closure of the Glit division of Continental Commercial Products, LLC. The Company plans to cease the majority of the operations of the division in the first quarter of 2013.  In addition, the Company plans to sell certain assets related to the Glit division in the first half of 2013. The Company will use the net proceeds from the sale of assets to settle the outstanding operating liabilities related to the division, pay off the outstanding borrowing related to the CapEx Sublimit (see note 5), and reduce the  outstanding balance under the PB Loan Agreement. The net assets of the Glit Division as of December 31, 2012 were $5.6 million. Selected financial data for discontinued operations is summarized as follows (amounts in thousands):

	For the Years Ended
	December 31,
	2012			2011
Net sales	$	20,201		$	21,064
Operating loss - net of tax	$	(7,409	)	$	(1,670	)

In 2012 we recorded a should be $5.6 million long-lived asset impairment related to the Glit division as a result of our annual impairment testing.

As a result of the Glit closure, the Company will recognize $1.9 million of deferred revenue related to the Disco supply agreement in the first quarter of 2013 (see Note 2).