Note 2 - Discontinued Operations

9 Months Ended

Sep. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

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

Note 2 – Discontinued Operations

In March of 2014, we completed the sale of our Environmental Services business for $100 million in cash, subject to adjustment based on actual working capital conveyed at closing. Cash proceeds from the sale were $89.8 million in 2014, net of transaction related expenses, including the adjustment related to final working capital conveyed at closing. In addition, $8 million of the sale price was withheld in escrow associated with transaction representations, warranties and indemnities, and is expected to be released over the next 12 months. As a result of the sale transaction, we recorded a gain on the disposal of the business of $34.0 million ($22.1 million after-tax). All assets, liabilities and results of operations for this business have been reclassified to discontinued operations for all periods presented.

Summarized results of operations from discontinued operations through the date of sale are as follows:

	Third Quarter				First Nine Months
(In thousands)	2014		2013		2014		2013
Revenues	$	-	$	17,576	$	11,744	$	49,417
Income from discontinued operations before income taxes		-		4,656		1,770		13,485
Income from discontinued operations, net of tax		-		3,329		1,152		9,642
Gain from disposal of discontinued operations before income taxes		-		-		33,974		-
Gain from disposal of discontinued operations, net of tax		-		-		22,117		-

Assets and liabilities of discontinued operations as of December 31, 2013 were as follows:

	December 31,
(In thousands)	2013
Receivables, net	$	11,915
Prepaid expenses and other current assets		1,188
Property, plant and equipment, net		62,333
Other assets		3,584
Assets of discontinued operations	$	79,020
Accounts payable	$	4,415
Other Accrued liabilities		1,542
Deferred tax liabilities		12,449
Other noncurrent liabilities		10,291
Liabilities of discontinued operations	$	28,697