Discontinued Operations

3 Months Ended

Nov. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations

NOTE 7. DISCONTINUED OPERATIONS

During the first quarter of fiscal 2012, the Company announced its decision to exit the steel pipe manufacturing operations in Croatia (“CMCS”) by closure of the facility and sale of the assets. The Company determined that the decision to exit this business met the definition of a discontinued operation. As a result, the Company recorded severance cost of $18.0 million and this business has been presented as a discontinued operation for all periods. The Company sold a majority of CMCS' assets during fiscal 2012. The remaining assets were sold during the first quarter of fiscal 2013 for $3.9 million with no impact to the consolidated statement of operations.

As of November 30, 2012, the assets of discontinued operations have been presented as held for sale and are included in other current assets on the consolidated balance sheets. Financial information for discontinued operations was as follows:

(in thousands)	November 30, 2012		August 31, 2012
Current assets	$	3,832	$	6,601
	Three Months Ended November 30,
(in thousands)	2012		2011
Revenue	$	—	$	14,144
Earnings (loss) before taxes	388		(27,003		)