Discontinued Operations

6 Months Ended

Jun. 28, 2014

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On September 28, 2013, the Company completed the sale of Custom Envelope. The Company received total net cash proceeds of approximately $47.0 million, of which $1.2 million was received in the second quarter of 2014. This resulted in the recognition of a total after-tax gain of $16.5 million, of which $14.9 million was recognized in the year ended 2013. The operating results of Custom Envelope are reported in discontinued operations in the Company's financial statements for all periods presented herein.

During the second quarter of 2013, the Company decided to exit the San Francisco market and closed a manufacturing facility within its print segment. The operating results of this manufacturing facility 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 condensed consolidated balance sheets as of June 28, 2014, and December 28, 2013 (in thousands):

	June 28, 2014			December 28, 2013
Accounts receivable, net	$	—		$	9
Prepaid and other current assets	77			123
Assets of discontinued operations - current	77			132
Property, plant and equipment, net	—			33
Assets of discontinued operations - long-term	—			33
Accrued compensation and related liabilities	90			627
Other current liabilities	57			1,386
Liabilities of discontinued operations - current	147			2,013
Net assets	$	(70	)	$	(1,848	)

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 28, 2014			June 29, 2013		June 28, 2014		June 29, 2013
Net sales	$	—		$	12,716	$	—	$	26,444
(Loss) income from discontinued operations before income taxes	(82		)	1,201		94		3,436
Income tax (benefit) expense on discontinued operations	(32		)	1,088		36		1,978
Gain on sale of discontinued operations (1)	714			—		1,559		—
Income from discontinued operations, net of taxes	$	664		$	113	$	1,617	$	1,458
Income per share - basic	$	0.01		$	—	$	0.02	$	0.02
Income per share - diluted	$	0.01		$	—	$	0.02	$	0.02

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(1) The gain on the sale of discontinued operations is shown net of taxes of $0.5 million for the three months ended June 28, 2014, and $1.0 million for the six months ended June 28, 2014.