Discontinued Operations (Notes)

12 Months Ended

Jan. 31, 2015

Discontinued operations [Abstract]

Discontinued operations

Note 3 - 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 $16.3 million cash. On June 26, 2013, the Company sold substantially all of the assets of the HVAC business previously included in Corporate and Other. In October 2013, the Company decided to sell its remaining industrial process cooling business in Denmark. This business was sold on February 28, 2014 for $0.1 million cash. From October 2013 until it was sold, 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 $0.3 million of tax expense for the period ended January 31, 2015 relates to the reversal of deferred tax assets on the books of the Denmark subsidiary upon the sale of that subsidiary. Loss from discontinued operations net of tax was $0.3 million and income from discontinued operations net of tax was $8.2 million for the years ended January 31, 2015 and 2014, respectively.

Results of the discontinued operations were as follows:

	2014			2013
Net sales		$176			$14,063
Gain on disposal of discontinued operations		$188			$11,082
(Loss) income from discontinued operations	(202		)	(28		)
(Loss) income from discontinued operations before income taxes	(14		)	11,054
Income tax expense	324			2,820
(Loss) income from discontinued operations, net of tax		($338	)		$8,234