Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations Statement of Operations (Tables)

v3.19.3.a.u2
Discontinued Operations Statement of Operations (Tables)
 3 Months Ended
Nov. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations [Table Text Block]
The following represents the detail of "Loss from discontinued operations, net of income taxes" within the Condensed Consolidated Statements of Operations (in thousands):
 
 
Three Months Ended November 30,
 
 
2019*
 
2018
Net sales
 
$
67,010

 
$
133,980

Cost of products sold
 
49,749

 
99,284

Gross profit
 
17,261

 
34,696

 
 
 
 
 
Selling, administrative and engineering expenses
 
10,832

 
20,071

Amortization of intangible assets
 
—

 
1,981

Restructuring (benefit) charges
 
(11
)
 
432

Impairment & divestiture charges
 
28,416

 
12,976

Operating loss
 
(21,976
)
 
(764
)
 
 
 
 
 
Financing costs (benefits), net
 
14

 
(3
)
Other (income) expense, net
 
(104
)
 
406

Loss before income tax benefit
 
(21,886
)
 
(1,167
)
 
 
 
 
 
Income tax benefit
 
(17,635
)
 
(138
)
Net loss from discontinued operations
 
$
(4,251
)
 
$
(1,029
)
* "Loss from discontinued operations, net of income taxes" for the three months ended November 30, 2019, includes the results of the EC&S segment for the two month period ended October 31, 2019. As a result of the classification of the segment as assets and liabilities held for sale, the Company did not record amortization or depreciation expense in the results of operations in accordance with U.S. GAAP for the three months ended November 30, 2019. Furthermore, the Company excluded EC&S segment employees from the fiscal 2020 bonus compensation plan, hence there are no expenses associated with the plan for the three months ended November 30, 2019.