Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
 9 Months Ended
Sep. 30, 2013
Discontinued Operations [Abstract]  
Discontinued Operations
(9) Discontinued Operations

In December 2012, we decided to divest and sell our subsidiary ICRC and eliminate our Infrastructure Group. ICRC's largest contract was with the U.S. Department of Transportation Maritime Administration ("MARAD") for services performed on the Port of Anchorage Intermodal Expansion Project in Alaska (the "PIEP"). The MARAD contract expired on May 31, 2012, when the option year was not exercised by MARAD. Upon evaluating the impact of the elimination of this program from ICRC's business base, we determined that expected financial results of the remaining construction management services business would not justify our continuation of its business. While there is no guaranty, we expect to close on a sale of ICRC this year.

ICRC's assets and liabilities expected to be sold and assumed are classified as assets held for sale on our consolidated balance sheet as of September 30, 2013 and are recorded at the lower of their carrying values or fair values less costs to sell. We evaluate our assets and liabilities held for sale using both income and market approaches. These inputs are considered level 3 fair value measurements. The goodwill recorded in assets held for sale for ICRC was primarily based on our expectations of a sale price as compared to our estimation of the net assets to be sold at closing. The major categories of the assets and liabilities held for sale as of September 30, 2013 are as follows (in thousands):

Assets:
  
 
Accounts receivable
  
$
1,404
  
Goodwill
    
708
  
Total assets held for sale
  
$
2,112
  
 
        
Liabilities:
        
Accounts payable
  
$
385
  
Total liabilities held for sale
  
$
385
  

Revenues and costs of ICRC have been reclassified as discontinued operations for all periods presented. The major categories included in discontinued operations on the consolidated statements of income are as follows (in thousands):

 
  
Three months
    
Nine months
  
 
  
ended September 30,
    
ended September 30,
  
 
  
2013
    
2012
    
2013
    
2012
  
Revenues
  
$
26
    
$
14,010
    
$
125
    
$
21,857
  
 
                                
Loss before income taxes
  
$
-
    
$
(2,483
)
  
$
(181
)
  
$
(3,191
)
Income tax provision (benefit)
    
1
      
(961
)
    
(66
)
    
(1,232
)
Loss from discontinued operations, net
  
$
(1
)
  
$
(1,522
)
  
$
(115
)
  
$
(1,959
)