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DISCONTINUED OPERATIONS
 12 Months Ended
Jan. 31, 2012
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

 

 

17.

DISCONTINUED OPERATIONS

 

 

 

During fiscal year 2009, the Company completed the exit of its retail business. Accordingly, all operations of the Company’s former retail segment, including extended warranty revenues and costs, and certain sold properties have been classified as discontinued operations for all periods presented. Once real estate property has been sold, and no continuing involvement is expected, the Company classifies the results of the operations as discontinued operations. The results of operations were previously reported in the Company’s retail or real estate segment, depending on when the store ceased operations. Below is a table reflecting certain items of the Consolidated Statements of Operations that were reclassified as discontinued operations for fiscal years 2011, 2010 and 2009 (amounts in thousands):


 

 

 

 

 

 

 

 

 

 

 

 

 

2011

 

2010

 

2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales and revenue

 

$

4,121

 

$

8,136

 

$

35,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of merchandise sold

 

$

731

 

$

2,527

 

$

25,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

2,114

 

$

2,730

 

$

2,258

 

Provision for income taxes

 

 

(778

)

 

(1,208

)

 

(974

)

 

 

 

 

 

Income from discontinued operations, net of tax

 

$

1,336

 

$

1,522

 

$

1,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposal before provision for income taxes

 

$

695

 

$

288

 

$

2,131

 

Provision for income taxes

 

 

(256

)

 

(127

)

 

(919

)

 

 

 

 

 

Gain on disposal of discontinued operations, net of tax

 

$

439

 

$

161

 

$

1,212