Discontinued Operations

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Discontinued Operations

Discontinued Operations

On June 19, 2012, the Company sold Azonix Corporation (“Azonix”) to Cooper Industries for $44.8 million, of which $0.9 million and $0.5 million were recorded in the third and fourth quarters of 2012, respectively, resulting in an after tax gain of $14.5 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 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, 2013 and 2012 were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in thousands)	2013		2012		2013		2012
Net Sales	$	—	$	13,274	$	—	$	25,544
Income from discontinued operations before income taxes	$	—	$	2,513	$	—	$	3,777
Provision for income taxes	—		880		—		1,321
Income from discontinued operations, net of income taxes	$	—	$	1,633	$	—	$	2,456