Discontinued Operations

9 Months Ended

May 31, 2013

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 presented. 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 statements of operations.

As of May 31, 2013, the assets of discontinued operations are included in other current assets on the Company's consolidated balance sheets. Financial information for discontinued operations was as follows:

(in thousands)	May 31, 2013		August 31, 2012
Current assets	$	3,840	$	6,601
	Three Months Ended May 31,				Nine Months Ended May 31,
(in thousands)	2013		2012		2013		2012
Revenue	$	—	$	6,545	$	—	$	30,547
Earnings (loss) before taxes	1		2,429		343		(22,780		)