Note 10 - Discontinued Operations

9 Months Ended

Sep. 29, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

NOTE 10 – DISCONTINUED OPERATIONS

In July of 2012, the Company entered into an agreement to sell its Bentley Prince Street business segment to a third party. The sale was completed in the third quarter of 2012. The purchase price for the business segment was $33.7 million, after working capital and certain other adjustments. The major classes of assets and liabilities related to the business segment at disposition were accounts receivable of $10.1 million, inventory of $29.0 million, property, plant and equipment of $11.8 million, and accounts payable and accruals of $7.6 million.

Loss from discontinued operations, net of tax, for the third quarter of 2012 was comprised of the following after-tax amounts: (1) $8.6 million of loss on disposal; (2) $5.9 million of costs to sell the operations; and (3) $2.3 million of non-disposal loss from the discontinued operations.

Loss from discontinued operations, net of tax, for the nine months ended September 30, 2012 was comprised of the following after-tax amounts: (1) $8.6 million of loss on disposal; (2) $5.9 million of costs to sell the operations; and (3) $2.5 million of non-disposal loss from the discontinued operations.

Summary operating results for the above-described discontinued operations were as follows:

	Three Months Ended					Nine Months Ended
	Sept. 29, 2013		Sept. 30, 2012			Sept. 29, 2013		Sept. 30, 2012
	(In thousands)					(In thousands)
Net sales	$	0	$	9,210		$	0	$	57,017
Income (loss) on operations before taxes on income		0		(25,875	)		0		(26,062	)
Tax expense (benefit)		0		(9,035	)		0		(9,106	)
Income (loss) on operations, net of tax		0		(16,840	)		0		(16,956	)

As of September 29, 2013 and December 30, 2012, there were no assets or liabilities related to the above-described discontinued operations that were held for sale.