Discontinued operations (Notes)

3 Months Ended

Apr. 30, 2016

Discontinued operations

Discontinued Operations [Text Block]

Discontinued operations. On January 29, 2016, the Company sold certain assets and liabilities of its TDC Filter business based in Bolingbrook, Illinois to the Industrial Air division of CLARCOR. On January 29, 2016, the Company also sold its Nordic Air Filtration, Denmark and Nordic Air Filtration, Middle East businesses to Hengst Holding GmbH. The purchase price of these Illinois and international filtration businesses was $22.0 million, including cash proceeds of $18.4 million, of which $0.5 million is held in escrow until July 2017. The remaining domestic fabric filter business, which is included in discontinued operations, is operational and selling product as of April 30, 2016. The Company is currently engaged in liquidating the assets of this business. The Filtration business segment is 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. There was $16 thousand of tax benefit for the three months ended April 30, 2016. Loss from discontinued operations net of tax for the three months ended April 30,2016 and 2015 were as follows:

	Three Months Ended April 30,
	2016			2015
Net sales		$7,191			$17,397
Gain on disposal of discontinued operations		$867			$—
Loss from discontinued operations		($1,083	)		($1,303	)
Loss from discontinued operations before income taxes	(216		)	(1,303		)
Income tax benefit	(16		)	—
Loss from discontinued operations, net of tax		($200	)		($1,303	)

Components of assets, and liabilities from discontinued operations consist of the following:

	April 30, 2016		January 31, 2016
Current assets
Cash and cash equivalents		$—		$5
Trade accounts receivable, net	4,998		5,720
Inventories, net	1,939		2,000
Other assets	1,565		1,552
Property, plant and equipment, net of accumulated depreciation	6,369		6,456
Total assets from discontinued operations		$14,871		$15,733
Current liabilities
Trade accounts payable, accrued expenses and other		$5,356		$7,514
Current maturities of long-term debt	4,447		5,322
Other liabilities	2,629		2,629
Total liabilities from discontinued operations		$12,432		$15,465

Cashflows from discontinued operations:

	Three Months Ended April 30,
	2016			2015
Net cash used in discontinued operating activities		($1,408	)		($1,568	)
Net cash used in discontinued investing activities	(1		)	(383		)
Net cash provided by discontinued financing activities	858			1,666