Discontinued Operations

9 Months Ended

Sep. 29, 2012

Discontinued Operations [Abstract]

Discontinued Operations

3. Discontinued Operations

On September 21, 2011, we announced our plan to exit the international portion of our ScanTech business due to continued operating losses and to focus on growing our North American business. ScanTech was headquartered outside Stockholm, Sweden and distributed a line of Volvo and Saab replacement parts throughout the world. During the thirty-nine weeks ended September 29, 2012, we reclassified approximately $3.0 million of previously recorded currency translation adjustments from accumulated other comprehensive income to net income as a result of our substantial liquidation of our investment and recorded a deferred tax asset of $1.5 million related to foreign tax credits we expect to utilize in the future. Additionally, included in ScanTech’s costs of goods sold are $0.8 million of reductions of previously recognized inventory reserves resulting from the sale of inventory during the thirty-nine weeks ended September 29, 2012. Similarly, we recorded charges to write-down inventory and tooling by approximately $2.9 million during the thirty-nine weeks ended September 24, 2011, which were included in cost of goods sold. We also recorded $0.6 million in charges for asset write-downs and employee related costs, which were included in selling, general and administrative expenses during the thirteen weeks ended September 24, 2011.

The following table summarizes ScanTech’s net sales and income before taxes which have been presented as a discontinued operation in the Consolidated Statements of Operations for the thirteen and thirty-nine weeks ended September 29, 2012 and September 24, 2011:

	Thirteen Weeks Ended					Thirty-nine Weeks Ended
(in thousands)	September 29, 2012		September 24, 2011			September 29, 2012		September 24, 2011
Net sales	$	16	$	3,667		$	2,908	$	12,446
Income (loss) before taxes	$	12	$	(3,517	)	$	3,125	$	(4,433	)