Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.6
Discontinued Operations
 9 Months Ended
May 31, 2012
Discontinued Operations

Note 3. Discontinued Operations

In the second quarter of fiscal 2011, the Company completed the sale of the European Electrical business for total cash proceeds of $3.5 million, net of transaction costs. As a result of the sale transaction, the Company recognized a pre-tax loss on disposal of $15.8 million. The following table summarizes the results of the European Electrical business, which has been reported as discontinued operations (in thousands):

 

     Three Months Ended
May 31, 2011		     Nine Months Ended
May 31, 2011		  

Net sales

    $ —        $ 49,305   

Loss on disposal of business

      (2,086 )      (15,829 ) 

Loss from operations of divested business

      —          (1,157 ) 

Income tax benefit

      84        —     
  

 

 

    

 

 

  

Loss from discontinued operations, net of income taxes

    $ (2,002 )    $ (16,986 )