DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2014

DISCONTINUED OPERATIONS

Note 5—DISCONTINUED OPERATIONS:

As previously disclosed, in conjunction with the reorganization of its reportable segments in 2013, the Company evaluated its long-term growth strategy and determined it would sell or seek other strategic alternatives for its non-core service centers, RTI Connecticut and RTI Pierce Spafford. In February 2014, the Company completed the sale of the assets of RTI Connecticut for approximately $3.3 million in cash. In April 2013, the Company completed the sale of RTI Pierce Spafford for approximately $12.4 million in cash, of which $10.5 has been received as of March 31, 2014 with the remainder expected later in 2014.

The results of RTI Connecticut, including all fair value adjustments and losses on the completed sale have been presented as results from discontinued operations for the three months ended March 31, 2014 on the Company’s Condensed Consolidated Statements of Operations, while the results of both RTI Connecticut and RTI Pierce Spafford are presented as results of discontinued operations for the three months ended March 31, 2013. The assets and liabilities of RTI Connecticut have been classified on the Company’s Condensed Consolidated Balance Sheets as assets and liabilities of discontinued operations.

The Company’s results from discontinued operations are summarized below:

	Three Months Ended March 31,
	2014			2013
Net sales	$	582		$	8,693
Income (loss) before income taxes		(495	)		(34	)
Provision for (benefit from) income taxes		(130	)		49
Net income (loss) from discontinued operations		(365	)		(83	)

Assets and liabilities of discontinued operations were comprised of the following at March 31, 2014 and December 31, 2013:

	March 31, 2014		December 31, 2013
ASSETS
Accounts receivable, net	$	643	$	594
Inventories, net		817		4,555
Property, plant and equipment, net		—		105
Other current assets		—		20
Total assets of discontinued operations	$	1,460	$	5,274
LIABILITIES
Accounts payable	$	—	$	326
Accrued wages and other employment costs		—		96
Other liabilities		—		36
Total liabilities of discontinued operations	$	—	$	458