Note 6 - Disposition

6 Months Ended

Jun. 30, 2012

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

6. Disposition

In December 2011, we completed the sale of substantially all of the operating assets and liabilities of our insurance lead generation business to Bankrate for an aggregate cash purchase price of $63.8 million resulting in a gain of $53.7 million, net of tax. During the quarter ended June 30, 2012, IPC received a supplemental payment from Bankrate of $67,000 related to the collection of outstanding accounts receivable at the Disposition Date. The $67,000 was reported as Other Income for the three months ended, June 30, 2012.  As a result of this sale, we no longer conduct the lead generation business. Instead, IPC now operates a Patent Licensing Business.

The results of the insurance lead generation business are reported as discontinued operations in our consolidated financial statements for all periods presented.

Pro forma Results of Operations

The following tables summarize the financial information for the discontinued operations of the lead generation business for the three and six months ended June 30, 2012 and 2011:

	Three months ended June 30,
	2012		2011
Operating revenues	$	-	$	12,432
Operating expenses including depreciation and amortization		-		11,803
Income from operations		-		629
Other income (expense), net		-		1,195
Income from discontinued operations, net of tax	$	-	$	1,824

	Six months ended June 30,
	2012		2011
Operating revenues	$	-	$	26,293
Operating expenses including depreciation and amortization		-		24,433
Income from operations		-		1,860
Other income (expense), net		-		1,169
Income from discontinued operations, net of tax	$	-	$	3,029