Discontinued Operations

3 Months Ended

Apr. 01, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

On January 19, 2016, the Company completed the sale of the Packaging Business. The Company received total cash proceeds of approximately $89.6 million, net of transaction costs of approximately $6.3 million. This resulted in the recognition of a total loss of $3.6 million. A gain of $1.4 million was recorded for the year ended 2016, of which a $2.0 million gain was recorded during the first quarter of 2016. For the year ended 2015, the Company recorded a non-cash loss on the sale of $5.0 million and a non-cash goodwill impairment charge of $9.9 million related to this transaction. This loss was based on the executed purchase agreement and the net assets of the Packaging Business. In accordance with the guidance in ASC 205-20 Presentation of Financial Statements - Discontinued Operations and ASC 360 Property, Plant & Equipment, the financial results of the Packaging Business were accounted for as discontinued operations.

As of April 1, 2017, and December 31, 2016, the Company did not have any assets or liabilities outstanding related to its discontinued operations.

The following table summarizes certain statement of operations information for discontinued operations for the three months ended April 2, 2016 (in thousands, except per share data):

	For the Three Months Ended
		April 2, 2016
Net sales		$	6,637
Cost of sales		6,625
Selling, general and administrative expenses		2,242
Restructuring and other charges		1
Interest expense, net		7
Other expense, net		238
Loss from discontinued operations		(2,476		)
Gain on sale of discontinued operations		2,031
Loss from discontinued operations before income taxes		(445		)
Income tax expense		1,372
Loss from discontinued operations, net of taxes		$	(1,817	)
Loss per share - basic		$	(0.21	)
Loss per share - diluted		$	(0.18	)