Discontinued Operations and Related Restructuring Charges (Tables)

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Related Restructuring Charges [Abstract]

Restructuring reserve

Selected information relating to the aforementioned restructuring follows (in thousands):

	Employee Termination Costs			Facility and Other Costs			Total
Restructuring reserve as of March 31, 2012	$	750		$	80		$	830
Cash paid		(585	)		(27	)		(612	)
Non-cash reductions		(45	)		(47	)		(92	)
Restructuring reserve as of September 30, 2012	$	120		$	6		$	126

Operating Income of discontinued operations

As a result of the sale of its Cleo Christmas gift wrap business, the Company has reported these operations, including operating income of the business and all exit activities, as discontinued operations, as shown in the following table (in thousands):

	Three Months Ended September 30,					Six Months Ended September 30,
	2012		2011			2012			2011
Operating income (loss) (A)	$	56	$	2,436		$	(30	)	$	(861	)
Exit costs		63		(1,157	)		92			(4,199	)
Exit costs – equipment sale		0		825			0			825
Gain on sale of business to Impact		0		5,849			0			5,849
Discontinued operations, before income taxes		119		7,953			62			1,614
Income tax expense		38		2,782			18			565
Discontinued operations, net of tax	$	81	$	5,171		$	44		$	1,049

Carrying values of assets and liabilities of discontinued operations

The following table presents the carrying values of the major accounts of discontinued operations that are included in the condensed consolidated balance sheet (in thousands):

	September 30, 2012		March 31, 2012		September 30, 2011
Accounts receivable, net	$	0	$	78	$	23,543
Inventories		126		105		13,837
Other current assets		0		0		481
Total assets attributable to discontinued operations	$	126	$	183	$	37,861
Customer programs	$	254	$	237	$	1,095
Restructuring reserve		126		830		1,698
Other current liabilities		344		1,323		6,592
Total liabilities associated with discontinued operations	$	724	$	2,390	$	9,385