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DISCONTINUED OPERATIONS:
 12 Months Ended
Dec. 31, 2012
DISCONTINUED OPERATIONS:
4. DISCONTINUED OPERATIONS:

On December 3, 2012, Quanta sold substantially all of its domestic telecommunications infrastructure services operations and related subsidiaries to Dycom Industries, Inc. for net proceeds of approximately $265.0 million. Quanta recognized a pre-tax gain of approximately $18.0 million and a corresponding tax expense of approximately $32.2 million, which resulted in a loss on the sale, net of tax, of $14.2 million in the fourth quarter of 2012. Quanta has presented the results of operations, financial position and cash flows of such telecommunications subsidiaries as discontinued operations for all periods presented in the accompanying consolidated financial statements. The results of operations of these telecommunications subsidiaries were previously included primarily in the Telecommunications Infrastructure Services segment.

Summarized financial information for discontinued operations is shown below (in thousands):

 

     Year Ended December 31,  
     2012     2011     2010  

Revenues

    $ 493,233      $ 430,065      $ 301,785   

Income from discontinued operations before taxes

      46,576        22,862        12,296   

Gain on disposal of discontinued operations before taxes

      17,962        —        —   

Provision for income taxes

      (47,603 )      (8,858 )      (1,813 ) 
  

 

 

    

 

 

    

 

 

  

Income from discontinued operations, net of taxes

    $ 16,935      $ 14,004      $ 10,483   
  

 

 

    

 

 

    

 

 

  

In connection with the sale of the telecommunications operations, Quanta will remain liable for all income related taxes and insured claims against the subsidiaries outstanding or arising as of December 3, 2012. Additionally, Quanta accelerated the vesting of unvested shares of restricted stock held by certain employees of the disposed telecommunications subsidiaries on December 3, 2012, the closing date of the sale. Accordingly, Quanta recorded incremental expense related to this accelerated vesting of $3.7 million during the fourth quarter of 2012. This incremental expense is included in income from discontinued operations, net of taxes in the accompanying consolidated statement of operations for the year ended December 31, 2012.