Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations and Divestiture Activities

v2.4.1.9
Discontinued Operations and Divestiture Activities
 6 Months Ended
Feb. 28, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations and Divestiture Activities
Discontinued Operations and Divestiture Activities
On June 13, 2014, the Company completed the divestiture of its Recreational Vehicle ("RV") business for $36.5 million in cash. This product line divestiture resulted in a $13.5 million pre-tax gain on sale ($2.8 million net of tax) during the fourth quarter of fiscal 2014. The results of the RV business (which had sales of $6.4 million and $13.1 million for the three and six months ended February 28, 2014, respectively) are included in the results from continuing operations, but are not material to the consolidated financial results.
On December 13, 2013, the Company completed the sale of the Electrical segment for net cash proceeds of $252.4 million, which resulted in a pre-tax gain on disposal of $34.5 million ($26.3 million net of tax). The Company's former 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. The following table summarizes the results of discontinued operations (in thousands):
 
Three Months Ended February 28, 2014
 
Six Months Ended February 28, 2014
Net sales
$
9,127

 
$
72,139

 
 
 
 
Operating loss (1)
(10,102
)
 
(4,873
)
Gain on disposal
34,459

 
34,459

Income tax expense
(5,269
)
 
(7,466
)
Income from discontinued operations, net of income taxes
$
19,088

 
$
22,120


(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.