Annual report pursuant to Section 13 and 15(d)

DISCONTINUED OPERATIONS

v2.4.1.9
DISCONTINUED OPERATIONS
 12 Months Ended
Dec. 31, 2014
DISCONTINUED OPERATIONS  
DISCONTINUED OPERATIONS

 

NOTE 2: DISCONTINUED OPERATIONS

 

In November 2014, the Company ceased its operations in Venezuela due to the difficulties and uncertainties related to import controls, difficulties associated with repatriating cash and high inflation. This market was part of the Company’s NSP Americas segment and all of the income (loss) from discontinued operations is related to the common shareholders of the Company.

 

The following table summarizes the operating results of the Company’s discontinued operations:

 

 

 

2014

 

2013

 

2012

 

Net sales revenue

 

$
7,559

 

$
8,270

 

$
6,642

 

 

 

 

 

 

 

 

 

Income (loss) before income tax provision

 

$
(10,597

)

$
77

 

$
57

 

Income tax provision (benefit)

 
(640

)
121

 
(415

)

Income (loss) from discontinued operations

 

$
(9,957

)

$
(44

)

$
472

 

 

Due to the economic instability of the Venezuelan market, as of September 30, 2014, the Company incurred a $2,947 impairment charge to write down the value of its fixed assets in Venezuela to $0. The loss before income taxes for the year ended December 31, 2014, includes a charge of $7,798 related to exiting Venezuela, of which $4,135 is a non-cash write-off of accumulated translation adjustments that were previously included in shareholders’ equity. The loss from discontinued operations did not have a material impact on the Company’s operating cash flows during 2014.