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Discontinued Operations | 6 Months Ended
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Mar. 31, 2014
Discontinued Operations |
I. | DISCONTINUED OPERATIONS
On January 15, 2014, we sold our wholly-owned subsidiary Transdyn to a global provider of electronic toll collection systems, headquartered in Vienna, Austria. The purchase price from the sale of this subsidiary totaled $16.0 million, of which we received cash of $14.4 million. The remaining $1.6 million was placed into an escrow account until April 2015, to be released subject to certain contingent obligations, and was recorded to other assets. We received additional cash of $0.4 million after the final working capital adjustment was calculated in March 2014. We recorded a gain on this transaction of $8.6 million, net of tax, which has been included in income from discontinued operations for the three and six months ended March 31, 2014 in the accompanying condensed consolidated statements of operations. Transdyn’s results were previously reflected in the Process Control Systems business segment. We reclassified the assets and liabilities of Transdyn as held for sale within the accompanying condensed consolidated balance sheets as of September 30, 2013 and presented the results of these operations as income from discontinued operations, net of tax, for each of the accompanying condensed consolidated statements of operations. Summary comparative financial results of discontinued operations were as follows (in thousands):
| Three Months Ended |  |  | Six Months Ended |
| March 31, |  |  | March 31, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Revenues | $ | 1,557 |  |  | $ | 7,874 |  |  | $ | 13,923 |  |  | $ | 14,957 |
Income from discontinued operations, net of tax of $131, $334, $633 and $478, respectively |  | 54 |  |  |  | 616 |  |  |  | 1,041 |  |  |  | 881 |
Gain on sale of discontinued operations, net of tax of $5,218, $0, $5,218 and $0, respectively |  | 8,563 |  |  |  | — |  |  |  | 8,563 |  |  |  | — |
Net income from discontinued operations, net of tax | $ | 8,617 |  |  | $ | 616 |  |  | $ | 9,604 |  |  | $ | 881 |
Earnings per share information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.72 |  |  | $ | 0.05 |  |  | $ | 0.80 |  |  | $ | 0.07 |
Diluted | $ | 0.71 |  |  | $ | 0.05 |  |  | $ | 0.80 |  |  | $ | 0.07 |
The following table presents the assets and liabilities of Transdyn as of September 30, 2013 (in thousands):
| September 30, 2013 |
Current assets: |  |  |
Cash and cash equivalents | $ | 337 |
Accounts receivable |  | 7,346 |
Contracts in progress |  | 7,201 |
Inventories, net |  | 20 |
Prepaid expenses and other current assets |  | 505 |
Current assets held for sale | $ | 15,409 |
Long-term assets: |  |  |
Property, plant and equipment, net | $ | 93 |
Other assets |  | 51 |
Long-term assets held for sale | $ | 144 |
Current liabilities: |  |  |
Accounts payable | $ | 2,973 |
Accrued salaries, bonuses and commissions |  | 1,675 |
Billings in excess of cost |  | 11,867 |
Other accrued expenses and liabilities |  | 1,333 |
Current liabilities held for sale | $ | 17,848 |
Long-term liabilities: |  |  |
Long-term liabilities held for sale | $ | 204 |

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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