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)
 3 Months Ended
Mar. 31, 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     (19,463 )
Gain on sale of the Cold-EEZE® Business after income taxes   $ 26,349  
         
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 months ended March 31, 2017 and 2016, respectively, (in thousands):

 

    Three Months Ended March 31,  
    2017     2016  
Net sales   $ 5,058     $ 4,353  
Cost of sales     1,773       1,699  
Sales and marketing     1,520       2,300  
Administration     348       337  
Research and development     52       47  
Income (loss) from discontinued operations   $ 1,365     $ (30 )