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Discontinued Operations
9 Months Ended
Sep. 30, 2011
Discontinued Operations 
Discontinued Operations

11.           Discontinued Operations

 

On August 31, 2010, the Company sold substantially all of the assets and liabilities of Simpson Dura-Vent Company, Inc. pursuant to an agreement dated June 30, 2010, with M&G Holding B.V. (“M&G”) and M&G Dura-Vent, Inc. The Company decided to sell the assets of Simpson Dura-Vent in order to focus exclusively on the development of its profitable connector products business. Simpson Dura-Vent represented the Company’s entire venting operating segment.

 

The results from discontinued operations, including the impairments and losses recorded in operating expenses, for the three and nine months ended September 30, 2010, were as follows:

 

 

 

Three Months

 

Nine Months

 

 

 

Ended

 

Ended

 

(in thousands)

 

September 30, 2010

 

September 30, 2010

 

 

 

 

 

 

 

Revenues

 

$

10,300

 

$

33,372

 

Cost of sales

 

8,957

 

28,073

 

Gross profit

 

1,343

 

5,299

 

Operating expenses

 

1,882

 

6,711

 

Loss on sale

 

657

 

657

 

Impairment charge

 

—

 

21,350

 

Loss from discontinued operations

 

(1,196

)

(23,419

)

Provision for (benefit from) income taxes from discontinued operations

 

30

 

(7,207

)

Loss from discontinued operations, net of tax

 

$

(1,226

)

$

(16,212

)