Discontinued Operations

9 Months Ended

Sep. 30, 2013

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

12. Discontinued Operations

On September 30, 2013, the Company executed a stock purchase agreement to sell 100% of the outstanding shares of Greenline, a wholly owned subsidiary of the Company, to CameronTec Intressenter AB. The transaction closed on October 8, 2013. The aggregate purchase price was $11.0 million in cash, subject to a post-closing working capital adjustment. The Company expects to recognize a gain on the disposition of approximately $7.0 million, net of tax, during the fourth quarter of 2013.

Greenline’s operating results have been classified as discontinued operations in the Consolidated Statement of Operations. The following is a summary of Greenline’s operating results:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(In thousands)
Revenues	$	2,009		$	1,853		$	5,967		$	5,553
Expenses		2,071			2,144			6,296			7,575
(Loss) before income taxes from discontinued operations		(62	)		(291	)		(329	)		(2,022	)
Provision (benefit) for income taxes		(16	)		(65	)		(119	)		(769	)
Net (loss) from discontinued operations	$	(46	)	$	(226	)	$	(210	)	$	(1,253	)

The following is a summary of Greenline’s assets and liabilities, which have been classified as assets and liabilities from discontinued operations in the Consolidated Statement of Financial Condition:

	As of
	September 30, 2013
	(In thousands)
Assets
Cash and cash equivalents	$	656
Accounts receivable		2,181
Other assets		3,549
Assets from discontinued operations	$	6,386
Liabilities
Accounts payable, accrued expenses and other liabilities	$	1,034
Deferred revenue		2,268
Liabilities from discontinued operations	$	3,302