Discontinued Operations (Tables)

3 Months Ended

Jul. 31, 2014

Summary of Discontinued Operations

Summarized results from discontinued operations were as follows (in thousands):

	Three Months Ended July 31,
	2014			2013
Revenues from discontinued operations	$	2,535		$	4,252
Income from discontinued operations before income taxes	$	303		$	446
Income tax expense		23			168
Net income from discontinued operations		280			278
Loss on disposal of discontinued operations, net of tax		(1,537	)		—
Net income (loss) from discontinued operations, net of tax	$	(1,257	)	$	278

The carrying amounts of the major classes of assets and liabilities of discontinued operations were as follows (in thousands):

	July 2, 2014		April 30, 2014
ASSETS:
Restricted cash	$	104	$	—
Accounts receivable, net		1,097		1,036
Prepaid expenses and other current assets		48		49
Total current assets		1,249		1,085
Property and equipment, net		37		37
Goodwill		9,002		9,002
Acquired intangible assets, net		32,813		32,813
Total assets	$	43,101	$	42,937
LIABILITIES:
Accounts payable	$	76	$	221
Accrued expenses and other current liabilities		823		895
Deferred revenue		2,230		2,505
Total Liabilities	$	3,129	$	3,621

Calculation of Loss on Disposal of Discontinued Operations

The Company recorded a loss on the disposal of discontinued operations of $1.5 million, net of tax, in the current quarter which was calculated as follows (in thousands):

Cash consideration	$	30,000
Less:
Basis in net assets as of July 2, 2014		39,972
Costs incurred directly attributable to the transaction		1,039
Loss before income taxes		(11,011	)
Income tax benefit		(282	)
Loss on disposal of discontinued operations, net of taxes		(10,729	)
Loss on disposal of discontinued operations, net of taxes, previously recognized		9,192
Loss on disposal of discontinued operations, net of tax, recognized in current period	$	(1,537	)

Carrying Amount of Assets Held for Sale in the Condensed Consolidated Balance Sheet

The carrying amount of assets held for sale in the condensed consolidated balance sheet was calculated as follows (in thousands):

	April 30, 2014
Total assets of discontinued operations	$	42,937
Estimated loss on disposal of discontinued operations, net of tax		(9,192	)
Assets held for sale	$	33,745