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Discontinued Operations
 3 Months Ended
Mar. 31, 2012
Discontinued Operations
2. Discontinued Operations

On January 27, 2011, the stock of the Company’s electric wireline subsidiary, Universal Wireline, Inc., was sold in a cash transaction for $25.5 million. Except for inventory, the working capital of Universal Wireline, Inc. was excluded from the sale and retained by a subsidiary of the Company. Universal Wireline, Inc. was formed in 2010 to acquire the electric wireline business of Key Energy Services, Inc. The results of operations of this business have been presented as results of discontinued operations in these consolidated financial statements. Upon being classified as held for sale, the carrying value of the assets to be disposed of were reduced to fair value less estimated costs to sell resulting in a charge of $2.2 million in 2010. Due to the fact that the carrying value of the assets had been adjusted to net realizable value during 2010, no significant additional gain or loss was recognized in connection with the sale in 2011.

 

Summarized operating results from discontinued operations for the three months ended March 31, 2012, and 2011 are shown below (in thousands):

 

     Three Months Ended
March  31,		  
     2012      2011  

Electric wireline revenues

    $ —         $ 1,104   

Loss before income taxes

    $ —         $ (576 ) 

Income tax benefit

      —           209   
  

 

 

     

 

 

  

Loss from discontinued operations, net of income tax

    $ —         $ (367 )