Discontinued Operations

6 Months Ended

Jun. 29, 2013

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

Discontinued Operations [Text Block]

Discontinued Operations

During the second quarter of 2013, the Company decided to exit the San Francisco market and closed a manufacturing facility within its print and envelope segment. The operating results of this manufacturing facility are reported in discontinued operations in the Company's condensed consolidated financial statements for all periods presented herein.

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 third quarter of 2012, pursuant to the purchase and sale agreement. The operating results of the Documents Group are reported in discontinued operations in the Company's condensed consolidated 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 condensed 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 condensed consolidated balance sheets as of June 29, 2013 and December 29, 2012 (in thousands):

	June 29, 2013		December 29, 2012
Accounts receivable, net	$	2,112	$	3,412
Inventories	—		337
Prepaid and other current assets	102		174
Assets of discontinued operations - current	2,214		3,923
Property, plant and equipment, net	481		802
Other assets, net	—		654
Assets of discontinued operations - long-term	481		1,456
Accounts payable	1,280		2,472
Accrued compensation and related liabilities	369		376
Other current liabilities	862		282
Liabilities of discontinued operations - current	2,511		3,130
Liabilities of discontinued operations - long-term	164		—
Net assets	$	20	$	2,249

The following table summarizes certain statement of operations information for discontinued operations (in thousands, except per share data):

	For the Three Months Ended						For the Six Months Ended
	June 29, 2013			June 30, 2012			June 29, 2013			June 30, 2012
Net sales	$	3,552		$	5,689		$	7,605		$	20,703
(Loss) income from discontinued operations before income taxes (1)	(1,121		)	185			(1,499		)	894
Income tax expense on discontinued operations	175			68			35			346
Loss on sale of discontinued operations, net of taxes of $0.2 million and $3.4 million, respectively	—			(304		)	—			(5,319		)
Loss from discontinued operations, net of taxes	$	(1,296	)	$	(187	)	$	(1,534	)	$	(4,771	)
Loss per share - basic and diluted	$	(0.02	)	$	—		$	(0.03	)	$	(0.08	)

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⁽¹⁾ Income (loss) from discontinued operations for the six months ended June 30, 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.