Discontinued Operations

6 Months Ended

Jun. 30, 2013

Discontinued Operations [Abstract]

Discontinued Operations

NOTE 3. – DISCONTINUED OPERATIONS

In September 2012, we entered into a definitive agreement to sell our cabinets business to American Industrial Partners (“AIP”) for $27 million in cash.  During the third quarter of 2012, we recorded an impairment charge of $17.5 million on the cabinets’ assets to reflect the expected proceeds from the sale. The sale was completed in October 2012.  The transaction was subject to working capital adjustments which were completed in the second quarter of 2013.

The financial results of the cabinets business have been reclassified as discontinued operations for all periods presented.  The Condensed Consolidated Statement of Cash Flows does not separately report the cash flows of the discontinued operation. 

The following is a summary of the operating results of the cabinets business, (previously shown as the Cabinets reporting segment), which are included in discontinued operations. 

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2013	2012	2013	2012
Net Sales	-	$ 34.6	-	$ 66.6
(Loss) before income tax	($1.1)	($0.7)	($1.4)	($1.8)
Income tax benefit	0.4	0.3	0.5	0.6
Net (loss) from discontinued operations	($0.7)	($0.4)	($0.9)	($1.2)