Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations, Sale of the Cold-EEZE?? Business (Tables)

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Discontinued Operations, Sale of the Cold-EEZE® Business (Tables)
 9 Months Ended
Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Proceeds from Sale of Business

The net proceeds received from the sale of the Cold-EEZE® Business were as follows (in thousands):

 

    Amount  
Gross consideration from the sale of the Cold-EEZE® Business   $ 50,000  
Closing and transaction costs     (4,175 )
Net proceeds from sale of the Cold-EEZE® Business     45,825  
Book value of assets sold     (13 )
Gain on sale of the Cold-EEZE® Business before income taxes     45,812  
Income tax expense     (19,473 )
Gain on sale of the Cold-EEZE® Business after income taxes   $ 26,339  
         
Net proceeds:        
Cash paid at closing, net of closing and transaction costs   $ 43,145  
Proceeds due on sale of assets, cash held in escrow (see Note 8)     5,000  
    $ 48,145

Schedule of Operating Results of Discontinued Operations

The following table sets forth the condensed operating results of our discontinued operations for the three and nine months ended September 30, 2017 and 2016, respectively, (in thousands):

 

    Three Months Ended September 30,     Nine Months Ended September 30,  
    2017     2016     2017     2016  
Net sales     -     $ 3,787     $ 4,687     $ 9,966  
Cost of sales     -       1,827       2,037       4,255  
Sales and marketing     -       524       1,720       3,357  
Administration     -       406       348       1,061  
Research and development     -       77       52       172  
Income from discontinued operations   $ -     $ 953     $ 530     $ 1,121