Quarterly report pursuant to Section 13 or 15(d)

Segment Reporting

 v2.3.0.11
Segment Reporting
 9 Months Ended
Jun. 30, 2011
Segment Reporting [Abstract]  
Segment Reporting Disclosure [Text Block]
NOTE 9 —  Segment Reporting
 
 In accordance with ASC 280 “Segment Reporting,” our operating segments are those components of our business for which separate and discrete financial information is available and is used by our chief operating decision makers, or decision-making group, in making decisions on how we allocate resources and assess performance.
 
In accordance with ASC 280, the Company reports two operating segments, North America and Europe.  The Company’s chief decision-makers review financial information presented on a consolidated basis, accompanied by disaggregated information about net sales and operating profit each year by operating segment. This information is used for purposes of allocating resources and evaluating financial performance.
 
The accounting policies of the segments are the same as those described in the “Summary of Significant Accounting Policies.” Segment data includes net sales, operating profitability, and total assets by segment.  Shared corporate operating expenses are reported in the North American segment.
 
The Company is organized primarily on the basis of operating units which are segregated by geography in North America and Europe.  For the three months ended June 30, 2011 our segment results, net of Discontinued Operations (see Note 3 for more details) are as follows:

   
North America
   
Europe
   
Total
 
                   
Net sales
  $ 2,752     $ 1,750     $ 4,502  
(Loss) income from operations
    (302 )     254       (48 )
Other expense
    (265 )     (8 )     (273 )
Depreciation and amortization
    (114 )     (10 )     (124 )
Net (loss) income from continuing operations
    (582 )     186       (396 )
Assets
    9,304       2,056       11,360  
Capital expenditures
    -       -       -  
Goodwill
    2,792       -       2,792  
Intangible Assets
    2,818       -       2,818  
   
For the nine months ended June 30, 2011 our segment results, net of Discontinued Operations are as follows:
 
   
North America
   
Europe
   
Total
 
                   
Net sales
  $ 7,929     $ 5,550     $ 13,479  
Loss from operations
    (2,791 )     (88 )     (2,879 )
Other expense
    (804 )     (19 )     (823 )
Depreciation and amortization
    (352 )     (30 )     (382 )
Net loss from continuing operations
    (3,642 )     (224 )     (3,866 )
Net income from discontinued operations
    -       7,892       7,892  
Capital Expenditures
    95       -       95  
 
For the nine months ended June 30, 2011, one customer accounted for approximately 62% and 96% of our North American and European sales, respectively.