Sale of Business and Discontinued Operations

12 Months Ended

Dec. 31, 2013

Sale of Business and Discontinued Operations [Abstract]

Sale of Business and Discontinued Operations

Note 3 - Sale of Business and Discontinued Operations

On July 3, 2013, the Company completed the sale of various assets comprising its large-format printing business located in Los Angeles, California. The net assets of the large format printing business were considered to be held for sale as of June 30, 2013. The large-format printing business was considered to be outside of the Company’s core business and was included in the Americas segment. The aggregate selling price for the business was $10,444, comprised of $8,247 in cash, $2,000 in a secured subordinated note and $197 accrued as a receivable from the buyer for an estimated net working capital adjustment, which was settled in the first quarter of 2014. The results of operations of the business sold are reported as discontinued operations for all periods presented in this annual report and the assets and liabilities of the discontinued operation, prior to disposal, have been segregated in the Consolidated Balance Sheets.

The Company recorded a loss of $6,251 on the sale of the business during 2013, which is included in Income (loss) from discontinued operations on the Company’s Consolidated Statements of Comprehensive Income (Loss). Included in the net loss is a goodwill allocation of $7,000, representing a portion of the Company’s Americas reporting segment goodwill which was allocated to the large-format printing business.

The carrying amounts of the assets and liabilities sold, excluding allocated goodwill, were as follows:

Trade accounts receivable	$	3,956
Unbilled services		945
Prepaid expenses and other current assets		58
Current assets of discontinued operations		4,959
Property and equipment, net		4,360
Long term assets of discontinued operations		4,360
Trade accounts payable		205
Accrued expenses		670
Current liabilities of discontinued operations		875
Net assets of discontinued operations	$	8,444

Operating results for the discontinued operations for the periods presented in this annual report are as follows:

	Years ended December 31,
	2013			2012		2011
Net revenues	$	8,772		$	19,448	$	27,872
Operating expenses:
Cost of services (excluding depreciation and amortization)		6,113			13,795		18,352
Selling, general and administrative expenses (excluding depreciation and amortization)		1,864			3,889		6,171
Depreciation and amortization		685			1,268		1,319
Acquisition integration and restructuring expenses		4			114		32
Impairment of long-lived assets		--			75		--
Loss on sale of business		6,251			--		--
Operating income (loss)	$	(6,145	)	$	307	$	1,998
Income (loss) before income taxes	$	(6,145	)	$	307	$	1,998
Income tax provision		548			105		799
Income (loss) from discontinued operations, net of tax	$	(6,693	)	$	202	$	1,199

	December 31, 2012
Trade accounts receivable, net	$	2,462
Unbilled services		1,197
Prepaid expenses and other current assets		56
Income tax receivable		139
Current assets of discontinued operations		3,854
Property and equipment, net		4,908
Other assets		229
Long term assets of discontinued operations		5,137
Trade accounts payable		304
Accrued expenses		523
Deferred income taxes		307
Current liabilities of discontinued operations		1,134
Deferred income taxes		1,164
Long-term liabilities of discontinued operations		1,164
Net assets of discontinued operations	$	6,693