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Discontinued Operations
 12 Months Ended
Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued operations

In October 2013, the Company entered into an Asset Purchase Agreement to sell substantially all of the assets of ASMP, a wholly owned subsidiary, to Nelson Stud Welding, Inc. (“Buyer”), an indirect subsidiary of Doncasters Group Limited, for a cash purchase price of $12.5 million, subject to adjustments based on the closing date net working capital, plus the assumption of certain liabilities. In addition, the Buyer will lease the real property located in Decatur, Alabama currently used by ASMP. The Company has reclassified ASMP's operating results as discontinued operations for all periods presented. The sale of ASMP was finalized on February 14, 2014. The company anticipates recognizing a pretax gain of approximately $1.6 million, subject to working capital adjustments, in the first quarter of 2014.

Other discontinued operations include the 2010 sale of substantially all of the assets of Assembly Component Systems, Inc. and Rutland Tool & Supply Company, Inc. as well as the Company's Mexico operation which was closed in 2007.

The following table details the components of income from discontinued operations:
 
 
(Dollars in thousands)
 
 
Year Ended December 31,
 
 
2013
 
2012
 
2011
Net sales of ASMP
 
$
18,534

 
$
16,925

 
$
14,560

 
 
 
 
 
 
 
Pre-tax operating income (loss) from discontinued operations
 
 
 
 
 
 
ASMP
 
$
2,801

 
$
2,118

 
$
280

Other discontinued operations
 
40

 
167

 
(337
)
Total pre-tax income (loss)
 
2,841

 
2,285

 
(57
)
Income tax expense (benefit)
 
980

 
802

 
(22
)
Net income (loss) from discontinued operations
 
1,861

 
1,483

 
(35
)
 
 
 
 
 
 
 
Basic and diluted income (loss) per share
 
 
 
 
 
 
ASMP
 
$
0.21

 
$
0.15

 
$
—

Other discontinued operations
 
0.01

 
0.03

 
—

Total
 
$
0.22

 
$
0.18

 
$
—