Discontinued Operations

9 Months Ended

Sep. 30, 2011

Discontinued Operations [Abstract]

Discontinued Operations

4. Discontinued Operations

     On December 30, 2010, we entered into a purchase and sale agreement for the sale of Southern Flow which was part of our Energy Services segment. The sale closed on January 14, 2011, with an effective date of January 1, 2011. Pursuant to the terms of the purchase and sale agreement, Zedi, Inc., a

Canadian corporation, through its wholly-owned subsidiary, purchased 100% of the stock of Southern Flow. Upon closing, we received cash proceeds of $16,515, consisting of a base purchase price of $15,550, and $965 for additional Southern Flow working capital conveyed in the transaction. We recorded a gain on the sale of Southern Flow, net of transaction costs and income tax benefit, in the amount of $5,636 during the nine months ended September 30, 2011. The sale of Southern Flow was made pursuant to our review of our strategic alternatives for our non-core businesses. The operations of Southern Flow have been included in our consolidated statements of operations as discontinued operations for all periods presented. Results of discontinued operations for the three and nine months ended September 30, 2011 and 2010 were as follows:

		Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2011		2010			2011		2010
Total revenues	$	-	$	5,090		$	-	$	13,885
Operating expenses		-		4,302			-		12,245
Income before income taxes		-		788			-		1,640
Income tax provision		-		(11	)		-		(53	)
Income from operations		-		777			-		1,587
Gain on disposal		-		-			5,538		-
Income tax benefit on disposal		-		-			98		-
Income from discontinued operations	$	-	$	777		$	5,636	$	1,587

     The following assets and liabilities of Southern Flow were segregated and included in Assets of discontinued operations held for sale and Liabilities of discontinued operations held for sale, as appropriate, in the consolidated balance sheet as of December 31, 2010, and represent the assets and liabilities of Southern Flow that were sold in January 2011:

		December 31,
		2010
Cash and cash equivalents	$	250
Trade receivables, net of allowance for doubtful accounts		3,427
Inventories		2,182
Prepaid expenses and other current assets		169
Property, Plant and equipment, net		922
Goodwill		5,231
Other assets		2
Assets of discontinued operations held for sale	$	12,183
Accounts payable		519
Accrued and other liabilities		871
Current income taxes payable		19
Capital lease obligations		2
Liabilities of discontinued operations held for sale	$	1,411