Discontinued Operations

6 Months Ended

Jun. 30, 2012

Discontinued Operations

Note 3 - Discontinued Operations

On June 19, 2012, the Company sold Azonix Corporation (“Azonix”), which was formerly part of the Controls segment, to Cooper Industries for $43.4 million, resulting in an after tax gain of $13.6 million. As a result, the Condensed Consolidated Statement of Operations presents Azonix as a discontinued operation.

On June 28, 2012, the Company sold certain assets and operations of the Company’s valve service center in Houston, Texas, which was formerly part of the Fluid Handling segment, to Furmanite Corporation for $9.3 million, resulting in an after tax gain of $4.6 million. As a result, the Condensed Consolidated Statement of Operations presents the Company’s valve service center in Houston, Texas as a discontinued operation.

The operating results of the discontinued operations for the three and six months ended June 30, 2012 were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2012		2011		2012		2011
Net Sales	$	13,274	$	10,584	$	25,544	$	21,315
Income from discontinued operations before income taxes	$	2,513	$	1,092	$	3,777	$	2,516
Provision for income taxes		880		382		1,321		880
Income from discontinued operations, net of income taxes	$	1,633	$	710	$	2,456	$	1,636