Annual report pursuant to Section 13 and 15(d)

Discontinued Operations (Tables)

v2.4.1.9
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2014
Major Components of Assets and Liabilities of Discontinued Operations

The major components of assets and liabilities of our discontinued operations were as follows:

 

     December 31,  

(in thousands)

    2014      2013  

Current assets:

      

Accounts receivable, net

    $ —         $ 835   

Inventory, less allowances

      282         818   

Other current assets

      300         236   
  

 

 

     

 

 

  

Total current assets

 $ 582    $ 1,889   
  

 

 

     

 

 

  

Current liabilities:

Accounts payable

 $ —      $ 1,121   

Accrued liabilities

   —        475   
  

 

 

     

 

 

  

Total current liabilities

 $ —      $ 1,596   
  

 

 

     

 

 

  

Income from Discontinued Operations Amounts as Reported on Consolidated Statements of Operations

The income from discontinued operations amounts as reported on our consolidated statements of operations were comprised of the following amounts:

 

     Years Ended December 31,  

(in thousands)

    2014      2013      2012  

Net revenue

    $ 2,516       $ 53,539       $ 75,232   
  

 

 

     

 

 

     

 

 

  

(Loss) income from operations before income taxes

   (3,477 )    2,386      10,417   

Exit activity and asset impairment charges before income taxes (a)

   —        (1,776 )    —     

Income tax benefit (expense)

   150      (209 )    (3,769 ) 
  

 

 

     

 

 

     

 

 

  

Income from operations of discontinued operations

   (3,327 )    401      6,648   
  

 

 

     

 

 

     

 

 

  

Gain (loss) on disposal of discontinued operations:

Gain on sale of GVE before income taxes (b)

   —        5,622      —     

Impairment of DRTV before income taxes (b)

   —        (9,481 )    —     

Income tax benefit

   —        1,463      —     
  

 

 

     

 

 

     

 

 

  

Loss from disposal of discontinued operations

   —        (2,396 )    —     
  

 

 

     

 

 

     

 

 

  

(Loss) income from discontinued operations

 $ (3,327 )  $ (1,995 )  $ 6,648   
  

 

 

     

 

 

     

 

 

  

 

(a) In direct conjunction with the discontinuing of our GVE and DRTV operations, during 2013 we recognized exit activity charges of $0.8 million for employee termination benefits and $1.0 million for non-cancellable facility leases, of which $0.3 million had been paid as of December 31, 2013, the balance of these amounts was paid in 2014.
(b) As a direct result of the discontinuance of our GVE and DRTV operations, we recognized impairment charges of $2.5 million for inventory, $3.8 million for deferred advertising costs, $0.8 million for advances, $0.4 million for property and equipment, $2.1 million for media library, $6.7 million for goodwill, and $3.5 million for other intangibles.