Discontinued Operations (Tables)

9 Months Ended

Nov. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The results of operations from discontinued operations for the three and nine months ended November 30, 2022, have been reflected as discontinued operations in the consolidated statements of operations and consist of the following (in thousands):

	Three Months Ended			Nine Months Ended
		November 30, 2022		November 30, 2022
Sales		$	42,300	$	256,224
Cost of sales		35,020		202,707
Gross margin		7,280		53,517
Selling, general and administrative		4,074		26,186
Loss on disposal of discontinued operations		45,010		159,910
Operating loss from discontinued operations		(41,804)		(132,579)
Interest expense		2		8
Other (income) expense, net		2,002		6,270
Loss from discontinued operations before income tax		(43,808)		(138,857)
Income tax benefit		(4,827)		(25,910)
Net loss from discontinued operations		$	(38,981)	$	(112,947)
Loss per common share from discontinued operations:
Basic loss per share		$	(1.57)	$	(4.55)
Diluted loss per share		$	(1.56)	$	(4.52)

The depreciation, amortization, capital expenditures, and significant operating and investing non-cash items of the discontinued operations consist of the following (in thousands):

	Nine Months Ended November 30, 2022
Depreciation and amortization	$	7,279
Purchase of property, plant and equipment	4,831
Non-cash loss on disposal of discontinued operations	(159,910)
Gain on sale of property, plant and equipment	486

The following table outlines income or loss and the related tax expense (benefit) from discontinued operations for the three and nine months ended November 30, 2022 (in thousands):

	Three Months Ended		Nine Months Ended
	November 30, 2022		November 30, 2022
Income from discontinued operations before income taxes	$	1,202	$	21,053
Income tax (expense) benefit	463		(3,927)
Income from discontinued operations, net of tax	$	1,665	$	17,126
Loss on disposal of discontinued operations	$	(45,010)	$	(159,910)
Income tax benefit	4,364		29,837
Loss on disposal of discontinued operations, net of tax	$	(40,646)	$	(130,073)