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Discontinued Operations
9 Months Ended
Apr. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]
Discontinued Operations
The Company entered into an agreement with LTI Flexible Products, Inc. (d/b/a Boyd Corporation) on February 24, 2014, for the sale of the Die-Cut business. The first phase of this divestiture closed on May 1, 2014 and included the Die-Cut businesses in Korea, Thailand and Malaysia, and the Balkhausen business in Europe. The remainder of the Die-Cut business was located in China and it was divested on August 1, 2014. The operating results have been reported as discontinued operations for the three and nine month comparative periods ended April 30, 2015 and 2014.

The following table summarizes the operating results of discontinued operations for the three and nine months ended April 30, 2015 and 2014:
 
Three months ended April 30,
 
Nine months ended April 30,
 
2015
 
2014
 
2015
 
2014
Net sales
$

 
$
46,246

 
$

 
$
161,862

Earnings (loss) from operations of discontinued businesses

 
3,629

 
(1,201
)
 
16,390

Income tax benefit (expense)

 
275

 
(288
)
 
(784
)
Loss on sale of discontinued operations

 

 
(487
)
 

Income tax benefit on sale of discontinued operations

 

 
61

 

Earnings (loss) from discontinued operations, net of income tax
$

 
$
3,904

 
$
(1,915
)
 
$
15,606



There were no assets or liabilities held for sale as of April 30, 2015. In accordance with authoritative literature, accumulated other comprehensive income of $34,697 was reclassified to the statement of earnings upon the closing of the second phase of the Die-Cut divestiture during the nine months ended April 30, 2015.