Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

Note 4.

Discontinued Operations

On June 4, 2012, the Company sold substantially all of the assets and liabilities of its railway securement business, Shipping Systems Division (SSD), for $8,579, resulting in a pre-tax gain of approximately $3,508. 

On August 30, 2012, the Company sold substantially all of the assets and liabilities of its precise structural products business, Precise, for $2,643, resulting in a pre-tax loss of approximately $315.  

The operations of these divisions qualified as a “component of an entity” under FASB ASC 205-20, “Presentation of Financial Statements – Discontinued Operations”. The operations are classified as discontinued for all periods presented.  Future expenses of discontinued operations are not expected to be material.  SSD and Precise were previously reported in the Rail Products and Construction Products segments, respectively.

Net sales and income, including the pre-tax gain of $3,193, from discontinued operations were as follows for the three years ended December 31:

		2013		2012		2011
Net sales	$	73	$	8,705	$	15,589
Income from discontinued operations	$	23	$	3,842	$	1,287
Income tax expense		9		2,418		459
Income from discontinued operations	$	14	$	1,424	$	828
Effective income tax rate		39.1	%	62.9	%	35.7	%

Goodwill of $2,588 allocated to SSD for discontinued operations was not deductible for income tax purposes, resulting in a 62.9% effective tax rate for 2012.

As of December 31, 2013 and 2012, the Company had $149 and $464 in current assets and $26 and $106 in current liabilities related to discontinued operations, respectively.