Discontinued operations (Notes)

9 Months Ended

Oct. 31, 2014

Discontinued operations

Discontinued Operations [Text Block]

Discontinued operations. On April 30, 2013, the Company sold most of the domestic assets of its industrial process cooling subsidiary Thermal Care, Inc. to a subsidiary of IPEG, Inc. for $16.4 million cash. On June 26, 2013, the Company sold substantially all of the assets of the HVAC business previously included in Corporate. In October 2013, the Company decided to sell its remaining industrial process cooling business in Denmark. This business was sold on February 28, 2014. From October 2013 until the date of sale, the business was operational and selling product. These businesses are reported as discontinued operations in the consolidated financial statements, and the notes to consolidated financial statements have been revised to conform to the current year reporting. The $317 thousand of tax expense for the nine months ended October 31, 2014 relates to the reversal of deferred tax assets on the books of the Denmark subsidiary upon the sale of that subsidiary. Results of the discontinued operations for the three and nine months ended October 31,2014 and 2013 were as follows:

	Three Months Ended October 31,						Nine Months Ended October 31,
	2014			2013			2014			2013
Net sales		$—			$874			$176			$13,049
Gain (loss) on disposal of discontinued operations		$295			($12	)		$283			$9,750
(Loss) income from discontinued operations	(5		)	(551		)	(183		)	1,627
Income (loss) from discontinued operations before income taxes	290			(563		)	100			11,377
Income tax expense (benefit)	25			(789		)	317			1,867
Income (loss) from discontinued operations, net of tax		$265			$226			($217	)		$9,510