Discontinued Operations

9 Months Ended

Sep. 29, 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"). Net cash proceeds were approximately $35.5 million. The original sale price of $40.0 million was subject to customary working capital settlement negotiations, which were completed during the three months ended September 29, 2012, pursuant to the purchase and 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 sheet 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 at December 31, 2011.

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

	Three Months Ended					Nine Months Ended
	September 29, 2012			October 1, 2011		September 29, 2012			October 1, 2011
Net sales	$	—		$	24,717	$	9,190		$	76,111
(Loss) income from discontinued operations before income taxes	(150		)	2,479		250			8,482
Income tax (benefit) expense on discontinued operations	(59		)	948		95			3,254
Loss on sale of discontinued operations, net of taxes of $0.1 million and $3.4 million, respectively	(92		)	—		(5,411		)	—
(Loss) income from discontinued operations, net of taxes	$	(183	)	$	1,531	$	(5,256	)	$	5,228
Income (loss) per share - basic and diluted	$	—		$	0.02	$	(0.08	)	$	0.08

Income (loss) from discontinued operations, net of taxes for the nine months ended September 29, 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.