Discontinued Operations

9 Months Ended

Aug. 31, 2012

Discontinued Operations

11. Discontinued Operations

In November 2003, the Company announced the closing of a GDX manufacturing facility in Chartres, France owned by Snappon SA, a subsidiary of the Company. The decision resulted primarily from declining sales volumes with French automobile manufacturers. During the first quarter of fiscal 2009, Snappon SA had legal judgments rendered against it under French law, aggregating €2.9 million plus interest related to wrongful discharge claims by certain former employees of Snappon SA. During the second quarter of fiscal 2009, Snappon SA filed for declaration of suspensions of payments with the clerk’s office of the Paris Commercial Court (See Note 7(a)).

Summarized financial information for discontinued operations is set forth below:

	Three months ended August 31,						Nine months ended August 31,
	2012			2011			2012			2011
	(In millions)
Net sales	$	—		$	—		$	—		$	—
Loss before income taxes (1)		(0.8	)		(0.1	)		(0.5	)		(1.3	)
Income tax benefit		—			—			0.1			—
Net loss from discontinued operations		(0.8	)		(0.1	)		(0.4	)		(1.3	)

(1) Includes foreign currency losses of $0.1 million in the third quarter of fiscal 2012. Additionally, loss before income taxes includes foreign currency gains and (losses) of $0.8 million and $(1.1) million in the first nine months of fiscal 2012 and 2011, respectively.