Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
 6 Months Ended
Feb. 28, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
The Electrical segment was primarily involved in the design, manufacture and distribution of a broad range of electrical products to the retail DIY, wholesale, OEM, solar, utility, marine and other harsh environment markets. On December 13, 2013, the Company completed the sale of the Electrical segment for net cash proceeds of $243.4 million, which resulted in a pre-tax gain on disposal of $34.5 million. Remaining transaction costs and income taxes payable on the divestiture gain will result in cash outflows of approximately $18.0 million in future quarters, such that net cash proceeds on the sale transaction will be approximately $225.0 million.

The following table summarizes the results of discontinued operations (in thousands), through the date of the sale, December 13, 2013:
 
Three Months Ended February 28,
 
Six Months Ended February 28,
 
2014
 
2013
 
2014
 
2013
Net sales
$
9,127

 
$
69,902

 
$
72,139

 
$
139,341

 

 
 
 

 

Operating income (loss) (1)
(10,102
)
 
5,073

 
(4,873
)
 
13,181

Gain on disposal
34,459

 
—

 
34,459

 
—

Income tax expense
5,269

 
2,472

 
7,466

 
4,788

Income from discontinued operations, net of taxes
$
19,088

 
$
2,601

 
$
22,120

 
$
8,393



(1) The operating loss for the three and six months ended February 28, 2014 includes certain divestiture costs and a non-cash charge for the accelerated vesting of equity compensation.