Discontinued Operations

3 Months Ended

Mar. 31, 2012

Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract]

Discontinued Operations [Text Block]

Discontinued Operations

On February 10, 2012, the Company completed the sale of its documents and forms business ("Documents Group"), for cash proceeds of approximately $40.0 million, of which $4.0 million will remain in escrow for a certain period of time subject to terms of the sale agreement. The operating results of the Documents Group, are reported in discontinued operations in the Company's financial statements for all periods presented herein.

On January 27, 2012, the Company completed the sale of its wide format business, for cash proceeds of approximately $4.7 million. The operating results of the wide-format business, are reported in discontinued operations in the Company's 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 December 31, 2011 (in thousands):

	December 31, 2011
Accounts receivable, net	$	7,647
Inventories	14,356
Prepaid and other current assets	953
Assets of discontinued operations - current	22,956
Property, plant and equipment, net	10,273
Other assets, net (1)	17,143
Assets of discontinued operations - long-term	27,416
Accounts payable	4,352
Accrued compensation and related liabilities	548
Other current liabilities	446
Liabilities of discontinued operations - current	5,346
Liabilities of discontinued operations - long-term	8,474
Net assets	$	36,552

⁽¹⁾ Includes $2.8 million of goodwill and $14.3 million of intangible assets for December 31, 2011.

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

	Three Months Ended
	March 31, 2012			April 2, 2011
Net sales	$	9,190		$	26,094
Income from discontinued operations before income taxes	623			2,875
Income tax expense on discontinued operations	242			1,104
Loss on sale of discontinued operations, net of taxes of $3,186	(5,015		)	—
(Loss) income from discontinued operations, net of taxes	$	(4,634	)	$	1,771
Income (loss) per share	$	(0.07	)	$	0.02

Income (loss) from discontinued operations, net of taxes for the first quarter of 2012 also includes the reduction of a liability of $1.8 million, net of tax expense of $1.2 million, due to the expiration of certain statutes of limitations related to a previous divestiture.