DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2011

DISCONTINUED OPERATIONS

14. DISCONTINUED OPERATIONS

RBH is presented as discontinued operations in the accompanying statement of operations for the Successor Period while the assets and liabilities are presented as held for sale in the accompanying balance sheet as of December 31, 2011 due to the pending sale, as discussed in Note 1.

Assets and liabilities of RBH are summarized as follows (in thousands): 

	Successor		Predecessor
	December 31, 2011		December 31, 2010
Cash and cash equivalents	$	5,936	$	6,168
Accounts receivable-net		200		128
Inventories		79		115
Prepaid expenses and other assets		516		498
Total current assets		6,731		6,909
Property and equipment, net		40,826		57,150
Goodwill		1,430		-
Intangible assets, net		7,015		-
Other assets, net		10		22
Total assets of discontinued operations held for sale	$	56,012	$	64,081
Current portion of long-term debt	$	45	$	44
Accounts payable		631		1,296
Accrued expenses		3,880		4,209
Total current liabilities		4,556		5,549
Accounts payable subject to compromise		-		110
Capital Lease, net of current portion		26		71
Total liabilities of discontinued operations held for sale	$	4,582	$	5,730

Operating results of discontinued operations are summarized as follows (in thousands):

	Successor			Predecessor
	April 1, 2011  Through			January 1, 2011 Through		Year Ended
	December 31, 2011			March 31, 2011		December 31, 2010
Net revenues	$	29,523		$	10,030	$	39,821
Operating costs and expenses		25,007			8,352		34,702
Income from operations		4,515			1,678		5,119
Income tax expense		(1,626	)		-		(1,845	)
Net income	$	2,889		$	1,678	$	3,274