On September 18, 2020, we sold our Oil and Gas Proppants business (the Proppants Business) to Smart Sand, Inc., a Delaware corporation (the Purchaser), pursuant to an Equity Purchase and Sale Agreement (the Purchase Agreement) between the Company and the Purchaser. The sale of this business excluded certain assets, namely real property and equipment in south Texas, real property in Illinois, and certain other assets. The purchase price (the Purchase Price) paid by the Purchaser for the acquisition of the Proppants Business was $2.0 million paid in shares of common stock of the Purchaser. Shares representing $0.3 million of the Purchase Price are being held in escrow as a source of recovery for any indemnification claims by the Purchaser. The sale resulted in a gain of approximately $9.2 million.

In connection with the execution of the Purchase Agreement, we also entered into a Loan and Security Agreement, dated September 18, 2020 (the Loan and Security Agreement), by and among the Company, as lender; the Purchaser, as borrower; and other parties thereto. Pursuant to the Loan and Security Agreement, the Company would loan the Purchaser up to $5.0 million for working capital and operating, maintenance, and administrative expenses of the Proppants Business during the one-year period following the closing. At closing, the Company deposited the $5.0 million into an escrow account. There were no borrowings made under the Loan and Security Agreement, which expired on September 18, 2021. Upon expiration, the $5.0 million held in escrow was returned to the Company.

The sale of the Proppants Business, which was previously disclosed as a reportable segment, was determined to meet the discontinued operations accounting criteria. Certain expenses, which were previously included in the Oil and Gas Proppants operating segment, do not qualify for classification within discontinued operations and have been reclassified from the operating segment to continuing operations. These expenses primarily relate to lease agreements not included in the sale of the Proppants Business.

The following is a summary of operating results included in Earnings (Loss) from Discontinued Operations for the three and nine months ended December 31, 2020.


	For the Three Months Ended December 31,		For the Nine Months Ended December 31,
	2020		2020
	(dollars in thousands)
Revenue	$	—	$	1,045
Cost of Goods Sold		—		3,415
Gross Profit		—		(2,370	)
Other Non-Operating Income		—		226
Gain on Sale of Discontinued Operations		—		9,230
Earnings (Loss) from Discontinued Operations		—		7,086
Income Tax (Expense) Benefit		—		(1,808	)
Net Earnings (Loss) from Discontinued Operations	$	—	$	5,278

The significant components of our Consolidated Statements of Cash Flows for discontinued operations for the nine months ended December 31, 2020 are as follows:


	For the Nine Months Ended December 31, 2020
	(dollars in thousands)
Depreciation and Amortization	$	221
Gain on Sale		(9,230	)
Net Change in Inventory		—
Capital Expenditures		—

On April 17, 2020, we sold our Western Aggregates LLC (Western) and Mathews Readymix LLC (Mathews) businesses to Teichert, Inc. (the Purchaser) for an aggregate purchase price of approximately $93.5 million, subject to certain post-closing adjustments. This sale resulted in a gain of approximately $52.0 million at the time of the sale. Western and Mathews were part of our Concrete and Aggregates operating segment, and their results of operations were included in our financial statements for the period from April 1, 2020 through April 17, 2020.

Revenue and Operating Earnings from Western and Mathews, collectively, were approximately $1.7 million and $0.1 million, respectively, for the nine months ended December 31, 2020.