DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2012

DISCONTINUED OPERATIONS

NOTE 10 – DISCONTINUED OPERATIONS

In July of 2012, the Company entered into an agreement to sell its Bentley Prince Street business segment to a third party. The sale was completed in the third quarter of 2012. The purchase price for the business segment was $33.4 million, after working capital and certain other adjustments. In the third quarter, the Company incurred approximately $10.0 million of direct costs to sell the business segment. The major classes of assets and liabilities related to the business segment at disposition were accounts receivable of $10.1 million, inventory of $29.0 million, property, plant and equipment of $11.8 million, and accounts payable and accruals of $7.6 million.

Summary operating results for the above-described discontinued operations are as follows:

	Three Months Ended					Nine Months Ended
	Sept. 30, 2012			Oct. 2, 2011		Sept. 30, 2012			Oct. 2, 2011
	(In thousands)					(In thousands)
Net sales	$	9,210		$	24,385	$	57,017		$	77,581
Income (Loss) on operations before taxes on income		(25,875	)		732		(26,062	)		2,380
Tax expense (benefit)		(9,035	)		256		(9,106	)		833
Income (Loss) on operations, net of tax		(16,840	)		476		(16,956	)		1,547

Asset and liabilities, including reserves, related to the above-described discontinued operations that were held for sale consist of the following:

	September 30, 2012		January 1, 2012
	(In thousands)
Current assets	$	0	$	43,843
Property and equipment		0		12,194
Other assets		0		4,646
Current liabilities		0		6,254
Other liabilities		0		2,015