Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v3.3.0.814
Discontinued Operations
 9 Months Ended
Sep. 30, 2015
Discontinued Operations  
Discontinued Operations

 

(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 for the nine months ended:

 

 

 

September 30,

 

September 30,

 

 

 

2015

 

2014

 

Net sales revenue

 

$

—

 

$
5,250

 

 

 

 

 

 

 

Income (loss) before income tax provision

 

$
2,604

 

$
(4,989

)

Income tax provision

 
488

 
4

 

 

 

 

 

 

 

Income (loss) from discontinued operations

 

$
2,116

 

$
(4,993

)

 

 

 

 

 

 

 

 

 

During the nine months ended September 30, 2015, the Company received $1,312 in net proceeds from the sales of its fixed assets in Venezuela, which is included in the results from discontinued operations. During the nine months ended September 30, 2015, the Company released $804 in accrued liabilities, net of tax, related to prior sales and use taxes as well as other litigation in Brazil, which is included in the results from discontinued operations. The Company ceased its operations in Brazil in 2010.

 

The income (loss) from discontinued operations did not have a material impact on the Company’s operating cash flows during the nine months ended September 30, 2015.