Discontinued Operations, Assets Held for Sale, and Business Divestiture

9 Months Ended

Jun. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations, Assets Held for Sale, and Business Divestiture

Discontinued Operations, Assets Held for Sale, and Business Divestiture

On December 10, 2012, the Company completed the divestiture of its Applied Surface Concepts (“ASC Group”) business segment. The Company received cash proceeds, net of certain transaction fees, of approximately $8,100 for this business and $980 was placed in escrow, pending expiration in June 2014 of indemnification holdback provisions under the sale agreement. The ASC Group business included its U.S. operations, headquartered in Cleveland, Ohio, and three European operations located in France, Sweden and the United Kingdom. The ASC Group business developed, manufactured and sold selective plating products and provided contract services for low volume repair, refurbishment and OEM applications. The transaction resulted in a pre-tax gain of $3,980 in the first nine months of fiscal 2013.

The table below presents the components of the balance sheet accounts classified as assets and liabilities held for sale at September 30, 2012.

Assets:
Receivables, net	$	2,574
Inventories, net	1,188
Deferred income taxes	47
Prepaid expenses and other current assets	99
Total current assets of business held for sale	$	3,908
Property, plant and equipment, net	$	2,533
Other assets	43
Total noncurrent assets of business held for sale	$	2,576
Liabilities:
Current maturities of long-term debt	$	2
Accounts payable	546
Accrued liabilities	623
Total current liabilities of business held for sale	$	1,171
Deferred income taxes	$	388
Other long-term liabilities	2
Total noncurrent liabilities of business held for sale	$	390

The financial results of ASC Group included in discontinued operations were as follows:

	Three Months Ended June 30,					Nine Months Ended June 30,
	2013			2012		2013		2012
Net sales	$	—		$	3,690	$	2,727	$	11,410
Income before income tax provision	—			369		180		1,354
Income tax provision	79			30		127		390
Income (loss) from operations, net of tax	(79		)	339		53		964
Gain (loss) on sale of discontinued operations, net of tax	—			—		2,328		—
Income (loss) from discontinued operations, net of tax	$	(79	)	$	339	$	2,381	$	964