Discontinued Operations

6 Months Ended

Jun. 30, 2013

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

3. Discontinued Operations

On March 4, 2013, the Company completed the sale of its Supply Chain Operation business unit (“SCO”), which was previously a reportable segment. The proceeds from the transaction were $97.0 million, plus an adjustment of $1.8 million on account of working capital. As of June 30, 2013, the Company has received net cash proceeds of $94.1 million, net of cash divested of $0.4 million, direct selling costs of $2.9 million and income taxes of $1.4 million. The Company used the proceeds to reduce its outstanding debt under its revolving credit facility. The operating results and gain on sale of SCO have been recorded as a discontinued operation.

The following table summarizes the operations for all periods presented to classify SCO operations as discontinued operations for the three and six months ended June 30, 2013 and 2012:

	Three months Ended June 30, 2013		Three months Ended June 30, 2012			Six months Ended June 30, 2013			Six months Ended June 30, 2012
Revenue	$	—	$	29,308		$	18,689		$	58,469
Income from discontinued operations		—		2,366			1,082			4,462
Income tax expense		—		(806	)		(402	)		(1,531	)
Income from discontinued operations, net of income tax		—		1,560			680			2,931
Gain on sale		—		—			87,892			—
Income tax expense		—		—			(19,019	)		—
Utilization of net operating loss carry-forwards		—		—			17,613			—
		—		—			86,486			—
Reclassification of foreign currency translation from accumulated other comprehensive income		—		—			(1,865	)		—
Net gain on sale of discontinued operations		—		—			84,621			—
Net income from discontinued operations	$	—	$	1,560		$	85,301		$	2,931

The following table summarizes the assets and liabilities from discontinued operations:

	June 30, 2013		Dec 31, 2012
Accounts receivable	$	—	$	10,284
Income taxes recoverable		—		120
Deposits and prepaid expenses		—		1,032
Property and equipment		—		1,635
Intangible assets		—		750
Goodwill		—		8,872
Deferred income taxes		—		159
Deferred income taxes valuation allowance		—		(28	)
Total assets from discontinued operations	$	—	$	22,824
Accounts payable and accrued liabilities	$	—	$	14,068
Total liabilities from discontinued operations	$	—	$	14,068