Note 3. DISCONTINUED OPERATIONS

3 Months Ended

Mar. 28, 2014

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 3. DISCONTINUED OPERATIONS

On January 24, 2013, the Company announced the closure of the Glit division of Continental Commercial Products, LLC. The Company ceased the majority of the operations of the division in the first quarter of 2013.  In addition, the Company entered into agreements to sell certain assets related to the Glit division in the first quarter of 2013. The Company used the net proceeds from the sale of assets to settle the outstanding operating liabilities related to the division and reduce the outstanding balance under the PB Loan Agreement (as defined in Note 4 below).

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.

The closure of the Glit and Container divisions met the criteria for classification as discontinued operations in accordance with GAAP; therefore, the Company has classified the results of the Glit and Container divisions as discontinued operations for all periods presented. Selected financial data for discontinued operations is summarized as follows (amounts in thousands):

	For the Three Months Ended
	March 29, 2013
	Total		Container Division			Glit Division
Net sales	$	6,960	$	-		$	6,960
Operating income (loss)  - net of tax	$	569	$	(248	)	$	817

The Company recognized deferred revenue of $1.9 million in the three months ended March 29, 2013.The recognition of deferred revenue is included in net sales for the Glit Division.

The components of assets and liabilities held for sale as of March 28, 2014 and December 31, 2013 are as follows (amounts in thousands):

	March 28,		December 31,
	2014		2013
Assets
Receivables from property and equipment sales	$	21	$	74