Discontinued Operations

6 Months Ended

Jun. 30, 2011

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

NOTE 3 — DISCONTINUED OPERATIONS

Mecar and Mecar USA

On June 24, 2010, the Company signed a definitive purchase and sale agreement with Chemring Group PLC pursuant to which Chemring agreed to acquire substantially all of the assets of the Company for $59,560 in cash and the assumption of certain liabilities. On September 1, 2010, the Company completed the asset sale to Chemring contemplated by the Agreement. Pursuant to the Agreement, Chemring acquired all of the capital stock of Mecar for approximately $45,810 in cash, and separately Chemring acquired substantially all of the assets of Mecar USA for $13,750 in cash and the assumption by Chemring of certain specified liabilities of Mecar USA. A portion of the purchase price was paid through the repayment of certain intercompany indebtedness owed to the Company that would otherwise have been cancelled at closing. $15,000 of the proceeds from the sale was deposited into escrow to secure the Company’s indemnification obligations under the Agreement. Such amounts are included in Funds held in escrow on the Statement of Net Assets (Liquidation Basis).

The following summarizes the results of discontinued operations for the three and six months ended June 30, 2010 for Mecar and Mecar USA:

	Three Months Ended
	June 30, 2010
	Mecar			Mecar USA			Total
Revenue	$	17,282		$	1,719		$	19,001
Income (loss) before taxes		(6,005	)		(610	)		(6,615	)
Income (loss), net of tax		(6,005	)		(609	)		(6,614	)

	Six Months Ended
	June 30, 2010
	Mecar			Mecar USA			Total
Revenue	$	31,498		$	7,672		$	39,170
Income (loss) before taxes		(9,812	)		(15	)		(9,827	)
Income (loss), net of tax		(9,812	)		(23	)		(9,835	)

NS Microwave Systems, Inc. (NSM)

On August 7, 2009, the Company entered into a Purchase Agreement to sell NSM for $400 in cash and a promissory note in the amount of $1,325 at closing. The note is due 24 months after closing and is subject to a reduction based on certain terms as defined in the Purchase Agreement. On December 31, 2009 and again on June 30, 2010, the Company wrote-off $250, for a total write-off of $500, against the receivable as it was unlikely that one of the Purchase Agreement conditions would be met. As of June 30, 2011, the outstanding amount of the note receivable was $825. The note bears interest at a rate of one-year London Interbank Offered Rate plus 5% subject to a maximum interest cap of 8%.