DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2014

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

9. DISCONTINUED OPERATIONS

In connection with its on-going evaluation of each of its business units, the management of the Company recommended to the Board of Directors of the Company that based upon the substantial operational losses and declining revenues being incurred by the Company’s international operations, such operations should be discontinued. Accordingly, on August 16, 2012, the Company’s Board of Directors determined to discontinue the operations of its U.K. subsidiary, 4Kids International, effective September 30, 2012.  Pursuant to the Asset Purchase Agreement and the corresponding assets sold and due to their continued lack of profitability, effective June 30, 2012, the Company terminated the operations of 4Kids Ad Sales, 4Kids Productions, 4Kids Music and 4Kids Home Video. Additionally, effective September 30, 2010, the Company terminated the operations of TC Digital and TC Websites. The results of operations for the international, advertising media and broadcast segment, television and film production/distribution segment and the trading card and game distribution segment are reported as a discontinued operation.

The following are the summarized results of discontinued operations for the three and six months ended June 30, 2014 and 2013:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
Net revenues	$	—	$	—	$	—	$	—
Total income		—		454		325		733
Income from discontinued operations	$	—	$	454	$	325	$	733

Income from discontinued operations for the six months ended June 30, 2014 is due to the settlement of a liability related to the TCD International, Ltd. matter described below (see Note 10).  Income from discontinued operations for the six months ended June 30, 2013 includes a gain of $344 due to the reclassification of accumulated translation adjustments from accumulated other comprehensive income as a result of the liquidation of the Company’s U.K. subsidiary and income of $418, mostly from the settlement of certain exit costs.

The major classes of assets and liabilities of the discontinued operations on the balance sheet are as follows:

	June 30, 2014		December 31, 2013
ASSETS
Accounts receivable – net	$	1	$	1
Current assets of discontinued operations	$	1	$	1
LIABILITIES
Accounts payable and accrued expenses		293		618
Current liabilities of discontinued operations	$	293	$	618