Discontinued Operations (Tables)

6 Months Ended

Nov. 30, 2014

Discontinued Operations and Disposal Groups [Abstract]

Results of Discontinued Operations and Summary of Assets and Liabilities of Discontinued Operations

The following table summarizes the results of discontinued operations:


	Three-Months Ended November 30,						Six-Months Ended November 30,
	2014			2013			2014			2013
	(Dollars in thousands)						(Dollars in thousands)
Net Sales	$	1,890		$	7,055		$	9,715		$	18,386

Operating loss of discontinued operations	$	(3,294	)	$	(1,474	)	$	(5,858	)	$	(1,863	)
Loss on disposal of discontinued operations		(231	)		—			(231	)		—

Loss before income taxes		(3,525	)		(1,474	)		(6,089	)		(1,863	)
Income tax benefit		—			—			—			—

Loss from discontinued operations, net of taxes	$	(3,525	)	$	(1,474	)	$	(6,089	)	$	(1,863	)

The following is a summary of assets and liabilities of discontinued operations at November 30, 2014 and May 31, 2014:


	November 30, 2014		May 31, 2014
	(Dollars in thousands)
Current Assets:
Accounts receivable	$	1,567	$	4,770
Inventories		805		2,703

	$	2,372	$	7,473

Property, Plant and Equipment:
Property, plant and equipment, at cost	$	—	$	9,812
Less accumulated depreciation		—		7,901

	$	—	$	1,911


	November 30, 2014		May 31, 2014
	(Dollars in thousands)
Current Liabilities:
Accounts payable, trade	$	37	$	2,089
Accrued salaries and wages		—		419
Accrued marketing programs		118		330
Other accrued liabilities		184		186

	$	339	$	3,024

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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