Note 3. DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2012

Discontinued Operations, Policy [Policy Text Block]

Note 3.   DISCONTINUED OPERATIONS

On July 24, 2012, the Company announced the closure of the Container division of CCP. The Company sold certain assets related to the Container division for $0.6 million.

On September 20, 2012, the Company sold certain assets related to the Gemtex division to 2340258 Ontario, Inc. (the “Buyer”), a corporation incorporated under the laws of the Province of Ontario, for $1.0 million, $0.7 million of which will be payable in 48 monthly installments subject to certain prepayment requirements in connection with the generation of excess cash by the Buyer.  The Company used the net proceeds from the transaction to reduce its outstanding balance under the PB Loan Agreement (see Note 5).

On October 4, 2011, the Company sold certain assets and 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 $475,000 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 (see Note 5).

The closure of the Container division and the sale of the Gemtex and DISCO divisions met the criteria for classification as discontinued operations in accordance with GAAP; therefore, the Company has classified the results of the Container, Gemtex and Disco divisions as discontinued operations for all periods presented. The assets sold as part of the Gemtex and Container divisions have been recorded as assets held for sale at December 31, 2011. Selected financial data for discontinued operations is summarized as follows (amounts in thousands):

	For the Year Ended
	December 31,
	2012
	Total			Container Division			Gemtex Division
Net sales	$	12,966		$	8,547		$	4,419
Operating loss - net of tax	$	(1,550	)	$	(386	)	$	(1,164	)
Loss on sale - net of tax	$	(280	)	$	-		$	(280	)

	For the Year Ended
	December 31,
	2011
	Total		Container Division			Gemtex Division			Disco Division
Net sales	$	30,479	$	11,246		$	6,611		$	12,622
Operating loss - net of tax	$	907	$	(745	)	$	(1,191	)	$	2,843
Loss on sale - net of tax	$	11,099	$	-		$	-		$	11,099

The components of assets and liabilities held for sale as of December 31, 2011 are as follows (amounts in thousands):

	December 31,
	2011
	Total		Container Division		Gemtex  Division
Assets
Inventories, net	$	1,351	$	-	$	1,351
Property and equipment, net		968		766		202
	$	2,319	$	766	$	1,553