DISCONTINUED OPERATIONS

9 Months Ended

Sep. 26, 2014

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

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 5 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.

 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. The Company used the net proceeds from the transaction to reduce its outstanding balance under the PB Loan Agreement (see Note 5).

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

	For the Nine Months Ended September 27, 2013
	Total		Container Division			Gemtex Division		Glit Division
Net sales	$	7,993	$	-		$	-	$	7,993
Operating income (loss)  - net of tax	$	373	$	(310	)	$	12	$	671

	For the Three Months Ended September 27, 2013
	Total			Container Division			Gemtex Division			Glit Division
Net sales	$	(14	)	$	-		$	-		$	(14	)
Operating income (loss)  - net of tax	$	(14	)	$	(9	)	$	(1	)	$	(4	)

The Company recognized deferred revenue of $1.9 million in the nine months ended September 27, 2013. The recognition of deferred revenue is included in net sales for the Glit Division.

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

	December 31,
	2013
Assets
Receivables from property and equipment sales		$	74