Discontinued Operations

3 Months Ended

Mar. 31, 2015

Discontinued Operations [Abstract]

Discontinued Operations

(10) Discontinued Operations

In February 2014, the Company elected to discontinue the operations of six Southern Bullion locations and in April 2014 elected to discontinue the operations of the 17 remaining Southern Bullion locations, due to the lack of profitability and management's belief that it was unlikely that profitability would be reached in the foreseeable future. The significant change in the precious metals market in 2013, including a 30% decline in the spot price of gold since the acquisition of Southern Bullion in 2011, had a disproportionately negative impact on the customer traffic, transactional volume and profitability of the Southern Bullion operations. As a result, during 2013, the Southern Bullion operations generated a net loss of approximately $1.9 million. The operating results for all Southern Bullion operations have been reclassified as discontinued operations in the consolidated statements of operations for the quarters ended March 31, 2015 and 2014.

	For the Three Months Ended March 31,
	2014			2013
Revenue:
Sales	$	65		$	2,746,336
Cost of goods sold		-			1,428,497
Gross margin		65			1,317,839
Expenses:
Selling, general and administrative expenses		(2,459	)		1,443,175
Depreciation and amortization		-			100,338
Total expenses		(2,459	)		1,543,513
Operating income (loss)		2,524			(225,674	)
Other expense (income):
Other income, net		-			(4,766	)
Interest (income) expense		(40	)		3,749
		(40	)		(1,018	)
Income (loss) from discontinued operations before income taxes		2,564			(224,656	)
Income tax expense		-			13,737
Income (loss) from discontinued operations after income taxes	$	2,564		$	(238,393	)

Discontinued operations for the three months ended March 31, 2015, include minor adjustments of existing expense accruals related to winding down the operations of Southern Bullion. The quarter ended March 31, 2014, includes losses related to store operations, prior to all stores being closed as of April 17, 2014, as well as expenses for key Southern Bullion personnel involved in winding down the business, and expenses related to cancellation of leases and other contracts. The Company believes it has now recognized all material expenses related to the closure of Southern Bullion operations.