American Home Shield 2008 Annual Report Download - page 100
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Table of Contents
Notes to the Consolidated Financial Statements (Continued)
Note 8. Discontinued Operations (Continued)
Financial Information for Discontinued Operations
Reported "loss from discontinued operations, net of income taxes" for all periods presented include the operating results of the sold businesses noted
above. The operating results and financial position of discontinued operations are as follows:
Successor
Predecessor
(In thousands)
Year Ended
Dec. 31, 2008
Jul. 25, 2007 to
Dec. 31, 2007
Jan. 1, 2007 to
Jul. 24, 2007
Year Ended
Dec. 31, 2006
Operating Results:
Operating revenue $ 50,909 $ 30,994 $ 43,413 $ 615,271
Operating income (215) (8,833) (7,617) 16,509
Interest expense (73) (34) (38) (55)
Impairment charge (6,317) (31,006) — (42,000)
Pre-tax income (loss) (6,605) (39,873) (7,655) (25,546)
Provision (benefit) for income taxes (2,618) (12,665) (3,067) (10,456)
Loss on sale, net of tax (539) — — (495)
Loss from discontinued operations $ (4,526) $ (27,208) $ (4,588) $ (15,585)
Successor
Dec. 31, 2008 Dec. 31, 2007
Financial Position:
Current assets $ 412 $ 42,474
Long-term assets — —
Total assets $ 412 $ 42,474
Current liabilities $ 4,870 $ 12,983
Long-term liabilities 4,077 7,765
Total liabilities $ 8,947 $ 20,748
The table below summarizes the activity during the year ended December 31, 2008 for the remaining liabilities from operations that were discontinued in
years prior to 2008. The remaining obligations primarily relate to long-term self-insurance claims. The Company believes that the remaining reserves continue
to be adequate and reasonable.
(In thousands)
Balance at
Dec. 31, 2007
Cash Payments
or Other
(Income)/
Expense
Balance at
Dec. 31, 2008
Remaining liabilities of discontinued operations:
ARS/AMS $ 2,384 $ (738)$ 685 $ 2,331
LandCare Construction 1,257 (496) 108 869
LandCare utility line clearing business 1,350 (251) — 1,099
Certified Systems, Inc. and other 6,721 107 (3,270) 3,558
$ 11,712 $ (1,378)$(2,477) $ 7,857
96