Discontinued Operations

9 Months Ended

Mar. 31, 2013

DISCONTINUED OPERATIONS

In the fourth fiscal quarter of 2012, the Company sold its U.S. based commercial packaging operations and concluded the elimination of cash flows qualified the component as a discontinued operation. No material gain or loss was recognized on the sale. In addition, during fiscal year 2011, the Company concluded that its printed components facilities qualified as a component entity, the operations of which were then classified as held for sale and discontinued. In conjunction with the exit of these operations the Company incurred expenses related to long term pension obligations in the current and prior year periods. During the three and nine month period the Company recorded approximately $3.8 million of expense associated with such pension obligations.

The domestic commercial packaging and printed component entities were previously reported in the Company’s Packaging Services segment.

Summarized Consolidated Statements of Operations data for discontinued operations are as follows:



	Three Months Ended March 31,						Nine Months Ended March 31,
(Dollars in millions)	2013			2012			2013			2012
Net revenue	$	—		$	23.9		$	—		$	76.6
Earnings/(loss) before income taxes	(4.9		)	(5.6		)	(4.9		)	(4.0		)
Income tax (benefit)/expense	—			—			—			—
Earnings/(loss) from discontinued operations, net of tax	$	(4.9	)	$	(5.6	)	$	(4.9	)	$	(4.0	)

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, 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 segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

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+ Details

Catalent Pharma Solutions, Inc. 10-Q