Discontinued Operations

3 Months Ended

Mar. 31, 2013

Discontinued Operations

Discontinued Operations

In the fourth quarter of 2011, we made the strategic decision to end the operations of our Thermal Management Solutions operating segment.  We had invested in its operations for the previous few years, but had difficulty gaining traction in the market and working through issues in the manufacturing process.  Therefore, we determined that we would not achieve future success in this operation and chose to shut down operations rather than invest further. There was no activity for this segment in the first quarter of 2013. For the three month period ended March 31, 2012, operating losses of $0.1 million, net of tax, were reflected as discontinued operations in the accompanying condensed consolidated statements income (loss). Net sales were $0.1 million for the three month period ended March 31, 2012.  The tax related to the discontinued operations was not material for 2012.

In the second quarter of 2012, we decided to cease production at our non-woven composite materials operating segment located in Rogers, Connecticut. Sales of non-woven products had been steadily declining for several years and totaled approximately $5.3 million for the year ended December 31, 2012. Manufacturing operations ceased by the end of 2012 and last sales out of inventory occurred in the first quarter of 2013. For the three month periods ended March 31, 2013 and 2012, operating profits of $0.1 million and an operating loss of $0.1 million, net of tax, respectively, were reflected as discontinued operations in the accompanying condensed consolidated statements of income (loss). Net sales were $0.2 million and $1.2 million for the three month periods ended March 31, 2013 and 2012, respectively. The tax related to the discontinued operations was $0.1 million and $0.1 million for the three months ended March 31, 2013 and 2012, respectively.