Other Non-operating Income (Expense)

12 Months Ended

Aug. 31, 2012

Other Non-operating Income (Expense)

Note 15 — Other Non-operating Income (Expense)

Other non-operating income (expense) consists of the following:

	Year Ended August 31,
	2012			2011		2010
	(Dollars in thousands)
Loss on redemption of Series A Preferred Stock	$	(6,599	)	$	—	$	—
Loss on extinguishment of debt		—			—		(1,049	)
Loss on interest rate swap termination		—			—		(1,562	)
Gain on foreign currency transactions		—			—		419
Other		413			115		271
	$	(6,186	)	$	115	$	(1,921	)

In 2012 the Company redeemed its Series A Preferred Stock. See Note 6. In the third quarter of 2012, the Company redeemed 41,250 shares at the original issue price of $16.5 million plus accrued dividends of $3.5 million. In the fourth quarter of fiscal 2012, the Company redeemed 58,750 shares at the original issue price of $23.5 million plus accrued dividends of $5.4 million. As a result of the early redemptions, the Company recorded accelerated discount accretion of $5.5 million and amortization of issuance costs of $1.1 million as a loss on redemption in other non-operating income (expense).

In 2010, the Company refinanced its bank debt. See Note 7. In connection with the refinancing, the Company recorded a pre-tax non-cash charge to earnings of approximately $1.0 million in the third quarter of fiscal 2010 related to unamortized transaction fees associated with the prior credit facility. In addition, the Company terminated its interest rate swap agreements with several banks and recorded a loss of approximately $1.6 million.

In fiscal 2010, the Company recognized a gain on foreign currency transactions on Australian dollar denominated assets and liabilities.