Discontinued Operations

12 Months Ended

Dec. 31, 2018

Discontinued Operations and Disposal Groups [Abstract]

On November 1, 2018, the Company completed the sale of its mechanical insulation business (the "Disposed Business") to SPI LLC, an unrelated third party controlled by Dunes Point Capital, for total cash consideration of approximately $122.5 million and recorded a gain on the sale of $13.7 million, net of taxes.

For the year ended December 31, 2018, the Disposed Business met the criteria to be classified as held for sale and to be presented as a discontinued operation. Accordingly, the Company reclassified the results of operations, financial position and cash flows of the Disposed Business to discontinued operations in its accompanying consolidated statements of operations, consolidated balance sheets and consolidated statements of cash flows for all periods presented.

The summarized financial information related to the Disposed Business that has been excluded from continuing operations and reported as a discontinued operation in the accompanying consolidated statements of operations is as follows:



	Year Ended December 31, 2018			Year Ended December 31, 2017
Net sales	$	269,751		$	270,788
Cost of goods sold	195,767			195,116
Gross profit	73,984			75,672
Operating expenses:
Selling, general and administrative expenses	55,383			61,700
Depreciation and amortization	4,759			5,989
Total operating expenses	60,142			67,689
Income from operations	13,842			7,983
Interest expense	(38		)	(60		)
Other (expense) income, net	(6		)	14
Income from discontinued operations before income taxes	13,798			7,937
Income tax expense	3,275			3,363
Net income from discontinued operations, net of tax	$	10,523		$	4,574

The operating results reflected above do not fully represent the Disposed Business' historical operating results, as the results reported within net income from discontinued operations only include expenses that are directly attributable to the Disposed Business.