Discontinued Operations

12 Months Ended

Dec. 31, 2011

3. Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Discontinued Operations

Subsequent Events

On February 10, 2012, the Company completed the sale of its documents and forms business ("Documents Group"), which was included in the Company's envelopes and labels segment, for cash proceeds of approximately $40.0 million, of which $4.0 million will remain in escrow for a certain period of time. In the fourth quarter of 2011, the Company recorded a non-cash goodwill impairment charge of $12.5 million that was allocated to the Documents Group. The operating results of the Documents Group, as well as the non-cash allocated goodwill impairment charge, are reported in discontinued operations in the Company's consolidated financial statements for all periods presented herein.

On January 27, 2012, the Company completed the sale of its wide format business, which was included in the Company's envelopes and labels segment, for cash proceeds of approximately $4.7 million. In the fourth quarter of 2011, the Company recorded a non-cash goodwill impairment charge of $1.0 million that was allocated to its wide-format business. For all periods presented herein, the operating results of the wide-format business, as well as the non-cash allocated goodwill impairment charge, are reported in discontinued operations in the Company's consolidated financial statements for all periods presented herein.

The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company's consolidated balance sheets as of the years ended 2011 and 2010.

	Years Ended
	2011		2010
Accounts receivable, net	$	7,647	$	8,912
Inventories	14,356		14,080
Prepaid and other current assets	953		526
Assets of discontinued operations - current	22,956		23,518
Property, plant and equipment, net	10,273		11,926
Other assets, net (1)	17,143		31,659
Assets of discontinued operations - long-term	27,416		43,585
Accounts payable	4,352		3,129
Accrued compensation and related liabilities	548		412
Other current liabilities	446		675
Liabilities of discontinued operations - current	5,346		4,216
Liabilities of discontinued operations - long-term	8,474		9,247
Net assets	$	36,552	$	53,640

⁽¹⁾ Includes $2.8 million and $16.3 million of goodwill and $14.3 million and $15.1 million of intangible assets for 2011 and 2010, respectively.

The following table summarizes certain statement of operations information for discontinued operations (in thousands):

	Years Ended
	2011			2010		2009
Net sales	$	99,611		$	106,187	$	100,035
Income (loss) from discontinued operations before income taxes (1) (2) (3)	(3,697		)	14,184		15,040
Income tax (benefit) expense	3,840			2,863		(3,057		)
(Loss) income from discontinued operations, net of taxes (1) (2) (3)	$	(7,537	)	$	11,321	$	18,097
Income (loss) per share	$	(0.12	)	$	0.18	$	0.32

⁽¹⁾ Includes $13.5 million of allocated non-cash goodwill impairment charges in 2011.

⁽²⁾ Income from discontinued operations for 2010 also includes the reduction of our liability for uncertain tax positions of $4.4 million, net of deferred tax assets of $1.6 million, as a result of the expiration of certain statute of limitations on uncertain tax positions related to the Supremex Income Fund (the “Fund”).

⁽³⁾ Income from discontinued operations for 2009 also includes the reduction of our liability for uncertain tax positions of $12.1 million, net of deferred tax assets of $2.6 million, as a result of the expiration of certain statute of limitations on uncertain tax positions related to the Fund.