eTrade 2005 Annual Report Download - page 129

Table of Contents
The following table summarizes the results of discontinued operations for the proprietary and agency trading businesses (in
thousands):
Year ended December31,
2005
2004
2003
Net revenues
$
21,408
$
50,962
$
48,765
Loss from discontinued operations before income taxes
$
(11,103
)
$
(13,851
)
$
(12,919
)
Income tax benefit
(3,784
)
(4,499
)
(5,610
)
Net loss from discontinued operations
$
(7,319
)
$
(9,352
)
$
(7,309
)
E*TRADE Access
In 2004, the Company completed the sale of substantially all of the assets and liabilities of E*TRADE Access to Cardtronics, LP and
Cardtronics, Inc. Although the Company believes that an ATM network is an important distribution channel for its customers, it
determined that its continued ownership and direct operation of the ATM network was not essential to providing this customer benefit
and that the capital it had invested in this endeavor could be better applied to other operations.
The sale resulted in a $57.5 million pre-tax gain ($31.4 million after taxes.) As part of the sales agreement, Cardtronics assumed
substantially all of the liabilities of E*TRADE Access. The Company has reflected E*TRADE Access’ results of operations, financial
position and cash flows as discontinued operations in the consolidated financial statements for all periods reported herein.
The following table summarizes the results of discontinued operations of our ATM business for the periods presented (in thousands):
YearEndedDecember31,
2004
2003
Revenues
$
20,029
$
44,909
Loss from discontinued operations before income taxes
$
(3,085
)
$
(2,700
)
Income tax benefit
(1,230
)
(1,035
)
Loss from discontinued operations
$
(1,855
)
$
(1,665
)
NOTE 4—FACILITY RESTRUCTURING AND OTHER EXIT ACTIVITIES
The following table summarizes the amount recognized by the Company as facility restructuring and other exit activities for the periods
presented (in thousands):

2006. EDGAR Online, Inc.