Discontinued Operations

3 Months Ended

Mar. 31, 2012

Discontinued Operations [Abstract]

Discontinued Operations

Note 2 – Discontinued Operations

The following table sets forth the components of “Discontinued operations, net of tax” (in thousands):

	2012									2011
	Manufacturing			Drilling			Total			Manufacturing		Drilling		Total
Three months ended March 31:
Revenues	$	-		$	-		$	-		$	114,246	$	44,069	$	158,315
Pretax income (loss)	$	(2,610	)	$	(2,636	)	$	(5,246	)	$	2,163	$	5,884	$	8,047
Provision (benefit) for
taxes on income		1,659			(923	)		736			711		2,059		2,770
Discontinued operations, net of tax	$	(4,269	)	$	(1,713	)	$	(5,982	)	$	1,452	$	3,825	$	5,277

In connection with the sale of LeTourneau, the Company took ownership of a land rig that LeTourneau was constructing on behalf of a customer, plus a related customer deposit.  The Company is holding the asset for sale.  The asset and related deposit are classified as other assets and deferred revenues, respectively, in the table of assets and liabilities of discontinued operations, which follows (in thousands):

	March 31, 2012						December 31, 2011
	Manufacturing		Drilling		Total		Manufacturing		Drilling		Total
Receivables - trade and other	$	-	$	-	$	-	$	-	$	4,000	$	4,000
Other assets		25,339		-		25,339		23,661		-		23,661
Assets of discontinued operations	$	25,339	$	-	$	25,339	$	23,661	$	4,000	$	27,661
Accounts payable - trade	$	-	$	-	$	-	$	-	$	-	$	-
Deferred revenues		20,122		-		20,122		20,122		-		20,122
Other current liabilities		1,132		-		1,132		1,183		3,700		4,883
Liabilities of discontinued operations	$	21,254	$	-	$	21,254	$	21,305	$	3,700	$	25,005