Discontinued Operations

3 Months Ended

Mar. 31, 2013

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

10. DISCONTINUED OPERATIONS

On June 4, 2012, the Company sold substantially all of the assets and liabilities of its railway securement business, SSD, for $8,579.  As a result of the sale, the Company divested $2,588 in goodwill attributed to the Rail Products segment in connection with the sale of its railway securement business. The goodwill balance was not deductible for income tax purposes. Intangible assets with net carrying value of $170 were also included with this sale.

On August 30, 2012, the Company sold substantially all of the assets and liabilities of its precise structural products business, Precise, for $2,643.

The operations of these divisions qualify as a “component of an entity” under FASB ASC 205-20, “Presentation of Financial Statements – Discontinued Operations” and thus, the operations have been reclassified as discontinued and prior periods have been reclassified to conform to this presentation.  Future expenses of discontinued operations are not expected to be material.

Net sales and income from discontinued operations were as follows:

		Three Months Ended
		March 31,
		2013		2012
Net sales	$	4	$	4,236
(Loss) income from discontinued operations	$	(39)	$	604
Income tax (benefit) expense		(15)		214
(Loss) income from discontinued operations	$	(24)	$	390

The Company maintained current assets from discontinued operations of $308 and $464 as of March 31, 2013 and December 31, 2012, respectively. Current liabilities related to discontinued operations were $67 and $106 as of March 31, 2013 and December 31, 2012, respectively.