Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
 12 Months Ended
Dec. 31, 2013
Discontinued Operations [Abstract]  
Discontinued Operations
(16)  Discontinued Operations

In December 2012, we decided to divest and sell certain assets of 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 such business. As of December 31, 2013, we have not completed a sale of the ICRC assets and there is no assurance that we will succeed in selling the ICRC assets. Accordingly, we have abandoned our operations of ICRC and have included in loss from discontinued operations, net of tax, a charge of approximately $1 million in the fourth quarter of 2013 related to the write-off of goodwill and accounts receivables.

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):

 
  
Year ended December 31,
  
 
  
2013
    
2012
    
2011
  
Revenues
  
$
225
    
$
23,128
    
$
37,830
  
 
                        
(Loss) income before income taxes
  
$
(1,818
)
  
$
(9,728
)
  
$
580
  
Income tax (benefit)/expense
    
(680
)
    
(3,658
)
    
218
  
(Loss) income from discontinued operations, net
  
$
(1,138
)
  
$
(6,070
)
  
$
362