Discontinued Operations

12 Months Ended

Aug. 31, 2012

Discontinued Operations

Discontinued Operations

Note 16—Discontinued Operations

        On June 30, 2010 the Company divested its contract manufacturing services business to MC Assembly in an all cash transaction, structured as a sale of substantially all of the assets of the Chase Electronic Manufacturing Services business. The purchase price of $13,000 was subject to certain post-closing adjustments, which resulted in additional gross proceeds of approximately $1,481 based on the final net working capital of the business. Total gross proceeds were offset by transaction costs of $646. The net proceeds from the sale are available for debt reduction and continued investment in the Company's core tapes and coatings businesses within both of its operating segments.

        The Company has reflected the results of this business as discontinued operations in the consolidated statements of operations for all years presented. This business was historically reported by the Company as a separate operating segment called Electronic Manufacturing Services.

        The results of the Electronic Manufacturing Services business were as follows for the year ended August 31, 2010:

	Year Ended August 31, 2010
Revenues	$	18,352
Income before income taxes	$	2,973
Income taxes		(1,183	)
Net income from discontinued operations	$	1,790

        The fiscal year 2010 results include a $429 after-tax gain on the sale of the Electronic Manufacturing Services business.