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Discontinued Operations
 12 Months Ended
Dec. 31, 2013
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 an electric wireline business. The results of operations of this business have been presented as results of discontinued operations in these consolidated financial statements. As of December 31, 2010, the assets to be disposed of were classified as held for sale. Upon being classified as held for sale, the assets to be disposed of were recorded at fair value less estimated costs to sell resulting in a charge of $2.2 million. Due to the fact that the carrying value of the assets had been adjusted to net realizable value, no significant additional gain or loss was recognized in connection with the sale.

Summarized operating results from discontinued operations for the year ended December 31, 2011 are shown below (in thousands):

 

     2011  

Operating revenues from discontinued operations

    $ 1,104   
  

 

 

  

Loss from discontinued operations before income taxes

    $ (576 ) 

Income tax benefit

      209   
  

 

 

  

Loss from discontinued operations

    $ (367 )