Discontinued Operations

3 Months Ended

Mar. 28, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On September 28, 2013, the Company completed the sale of its Custom Envelope Group ("Custom Envelope"). To date, the Company has received total net cash proceeds of approximately $47.0 million, of which $1.0 million was received in the first 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.

Collectively, the Company refers to these businesses as the "Discontinued Operations."

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 March 28, 2015, and December 27, 2014 (in thousands):

	March 28, 2015			December 27, 2014
Prepaid and other current assets	$	12		$	8
Assets of discontinued operations - current	12			8
Accrued compensation and related liabilities	68			70
Liabilities of discontinued operations - current	68			70
Net assets	$	(56	)	$	(62	)

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

	For the Three Months Ended
	March 28, 2015			March 29, 2014
(Loss) income from discontinued operations before income taxes	$	(32	)	$	176
Income tax expense on discontinued operations	—			68
Gain on sale of discontinued operations (1)	—			845
(Loss) income from discontinued operations, net of taxes	$	(32	)	$	953
(Loss) income per share - basic	$	—		$	0.01
(Loss) income per share - diluted	$	—		$	0.01

 __________________________

(1) The gain on the sale of discontinued operations is shown net of taxes of $0.5 million for the three months ended March 29, 2014.