| Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] |
A reconciliation of the gain on sale for the Company's Commercial Services business is as follows:
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(in thousands) |
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Gain on Sale |
|
Purchase price |
|
$ |
25,467 |
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Working capital adjustment |
|
3,067 |
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Total consideration |
|
28,534 |
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Assets and liabilities sold, net |
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(5,311 |
) |
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Transaction costs |
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(1,806 |
) |
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Gain on sale |
|
$ |
21,417 |
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* |
The table below presents the significant components of Commercial Services, Group DCA's, Pharmakon's and TVG’s results included in Loss from Discontinued Operations, Net of Tax in the consolidated statements of comprehensive loss for the years ended December 31, 2015 and 2014.
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For the Years Ended December 31, |
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2015 |
|
2014 |
Revenue, net |
$ |
134,850 |
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$ |
121,874 |
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|
Income (loss) from discontinued operations |
10,341 |
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|
(2,310 |
) |
Gain (loss) on sale of assets |
21,634 |
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|
— |
|
Income (loss) from discontinued operations, before tax |
31,975 |
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(2,310 |
) |
Income tax expense |
12,261 |
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|
297 |
|
Income (loss) from discontinued operations, net of tax |
$ |
19,714 |
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|
$ |
(2,607 |
) |
The assets and liabilities classified as discontinued operations relate to Commercial Services, Group DCA, Pharmakon, and TVG. As of December 31, 2015 and December 31, 2014, these assets and liabilities are in the accompanying balance sheets as follows:
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For the Years Ended December 31, |
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2015 |
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2014 |
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CSO |
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DCA/TVG |
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Total |
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CSO |
|
DCA/TVG |
|
Total |
Accounts receivable, net |
$ |
3,296 |
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$ |
— |
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$ |
3,296 |
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$ |
4,669 |
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$ |
— |
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$ |
4,669 |
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Unbilled receivable, net |
16 |
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— |
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16 |
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5,684 |
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— |
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5,684 |
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Other |
2,062 |
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— |
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2,062 |
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1,818 |
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— |
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|
1,818 |
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Current assets from discontinued operations |
5,374 |
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— |
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5,374 |
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12,171 |
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— |
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12,171 |
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Property and equipment, net |
190 |
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— |
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|
190 |
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1,391 |
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— |
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1,391 |
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Other |
— |
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|
150 |
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|
150 |
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— |
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2,058 |
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|
2,058 |
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Long-term assets from discontinued operations |
190 |
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150 |
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340 |
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1,391 |
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2,058 |
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3,449 |
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Total assets |
$ |
5,564 |
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$ |
150 |
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$ |
5,714 |
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$ |
13,562 |
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$ |
2,058 |
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$ |
15,620 |
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Accounts payable |
$ |
3,767 |
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$ |
— |
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$ |
3,767 |
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$ |
2,077 |
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$ |
69 |
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$ |
2,146 |
|
Unearned contract revenue |
11 |
|
|
— |
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|
11 |
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|
6,752 |
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— |
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|
6,752 |
|
Accrued salary and bonus |
3,036 |
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|
— |
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|
3,036 |
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|
5,580 |
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|
547 |
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|
6,127 |
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Other |
5,092 |
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|
358 |
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|
5,450 |
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|
4,598 |
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|
2,273 |
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|
6,871 |
|
Current liabilities from discontinued operations |
11,906 |
|
|
358 |
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|
12,264 |
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|
19,007 |
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|
2,889 |
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|
21,896 |
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Other long-term liabilities |
— |
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— |
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— |
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— |
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|
329 |
|
|
329 |
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Total liabilities |
$ |
11,906 |
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$ |
358 |
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$ |
12,264 |
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$ |
19,007 |
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$ |
3,218 |
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$ |
22,225 |
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