| Schedule of Discontinued Operations Related to Apparel Segment |
Balance sheet information for the Apparel Segment presented as
discontinued operations is summarized as follows (in
thousands):
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|
|
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| |
|
February 29,
2016 |
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|
|
Current assets:
|
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|
|
|
|
Cash
|
|
$ |
2,468 |
|
|
Accounts receivable, net
|
|
|
18,325 |
|
|
Prepaid expenses and income taxes
|
|
|
3,859 |
|
|
Inventories
|
|
|
72,691 |
|
|
Deferred income taxes
|
|
|
3,151 |
|
|
|
|
|
|
|
Total current assets
|
|
$ |
100,494 |
|
|
|
|
|
|
|
|
|
Long-term assets:
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|
|
|
|
|
Property, plant and equipment, net
|
|
$ |
30,543 |
|
|
Trademarks and trade names
|
|
|
9,170 |
|
|
Customer lists
|
|
|
5,499 |
|
|
Other assets
|
|
|
1,125 |
|
|
|
|
|
|
|
Total long-term assets
|
|
$ |
46,337 |
|
|
|
|
|
|
|
|
|
Current liabilities:
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|
|
|
|
|
Accounts payable
|
|
$ |
8,050 |
|
|
Employee compensation and benefits
|
|
|
4,065 |
|
|
Other current liabilities
|
|
|
380 |
|
|
|
|
|
|
|
Total current liabilities
|
|
$ |
12,495 |
|
|
|
|
|
|
The operating results of these discontinued operations only reflect
revenues and expenses that are directly attributable to the Apparel
Segment and that will be eliminated from ongoing
operations. The key components from discontinued operations
related to the Apparel Segment were as follows (in thousands):
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|
|
|
|
|
Sales price
|
|
$ |
110,000 |
|
|
Net book value of assets
|
|
|
(130,174 |
) |
|
Expenses related to sales (1)
|
|
|
(4,365 |
) |
|
|
|
|
|
|
Loss on sale before write-off of foreign currency translation
adjustment
|
|
|
(24,539 |
) |
|
Write-off of foreign currency translation adjustments recorded in
other comprehensive income
|
|
|
(16,109 |
) |
|
|
|
|
|
|
Loss on sale of sale of discontinued operations
|
|
$ |
(40,648 |
) |
|
|
|
|
|
| (1) |
Included in this amount is the $3.0
million termination fee paid as a result of the termination of the
Initial Purchase Agreement for the sale of the Apparel
Segment. |
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Three months ended
May 31, |
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| |
|
2016 |
|
|
2015 |
|
|
|
|
|
Net sales
|
|
$ |
41,038 |
|
|
$ |
53,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations before income taxes
|
|
|
3,873 |
|
|
|
648 |
|
|
|
|
|
Loss on sale of discontinued operations before income taxes
|
|
|
(40,648 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Income (loss) on discontinued operations before income taxes
|
|
|
(36,775 |
) |
|
|
648 |
|
|
Income tax expense (benefit)
|
|
|
(13,214 |
) |
|
|
240 |
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) from discontinued operations
|
|
$ |
(23,561 |
) |
|
$ |
408 |
|
|
|
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|
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