Discontinued Operations

12 Months Ended

Dec. 27, 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 $2.2 million was received in 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 consolidated financial statements for all periods presented herein.

On February 10, 2012, the Company completed the sale of the 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 consolidated financial statements for all periods presented herein.

On January 27, 2012, the Company completed the sale of its wide-format papers business, for cash proceeds of approximately $4.7 million. The operating results of the wide-format papers business 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 December 27, 2014, and December 28, 2013 (in thousands):

	2014			2013
Accounts receivable, net	$	—		$	9
Prepaid and other current assets	8			123
Assets of discontinued operations - current	8			132
Property, plant and equipment, net	—			33
Assets of discontinued operations - long-term	—			33
Accrued compensation and related liabilities	70			627
Other current liabilities	—			1,386
Liabilities of discontinued operations - current	70			2,013
Net assets	$	(62	)	$	(1,848	)

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

	For The Years Ended
	2014			2013		2012
Net sales	$	—		$	34,891	$	68,478
(Loss) income from discontinued operations before income taxes (1)	(63		)	4,471		11,342
Income tax expense on discontinued operations	—			2,663		4,441
Gain (loss) on sale of discontinued operations, net of tax (2)	2,519			14,933		(6,260		)
Income from discontinued operations, net of taxes	$	2,456		$	16,741	$	641
Income per share - basic	$	0.04		$	0.25	$	0.01
Income per share - diluted	$	0.04		$	0.25	$	0.01

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⁽¹⁾     Income from discontinued operations for the year ended 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.

⁽²⁾     The gain (loss) on the sale of discontinued operations is shown net of tax expense of zero and $10.7 million for the years ended 2014 and 2013, respectively, and a tax benefit of $2.6 million for the year ended 2012.