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Discontinued Operations | 12 Months Ended
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Sep. 30, 2011
Discontinued Operations [Abstract] |
Discontinued Operations |
(15) | Discontinued Operations
We continually review each of our markets in order to refine our overall investment strategy and to optimize capital and resource allocations in an effort to enhance our financial position and to increase shareholder value. This review entails an evaluation of both external market factors and our position in each market and over time, has resulted in the decision to discontinue certain of our homebuilding operations. During fiscal 2008, we discontinued our homebuilding operations in Charlotte, NC, Cincinnati/Dayton, OH, Columbia, SC, Columbus, OH, Lexington, KY, Denver, CO and Fresno, CA. During fiscal 2010, we substantially completed our homebuilding operations in Jacksonville, Florida and Albuquerque, New Mexico. During the third quarter of fiscal 2011, we decided to discontinue our homebuilding operations in Northwest Florida which have historically been reported in our Southeast segment. Up until September 30, 2010, we offered title services to our homebuyers in several of our markets. Effective September 30, 2010, we had sold or discontinued all of our title services operations. We have classified the results of operations of our prior mortgage origination services, title services and our exit markets as discontinued operations in the accompanying consolidated statements of operations for all periods presented. Discontinued operations were not segregated in the consolidated balance sheets or statements of cash flows. Therefore, amounts for certain captions in the consolidated statements of cash flows will not agree with the respective data in the consolidated statements of operations. The results of our discontinued operations in the Consolidated Statements of Operations for the fiscal years ended September 30, 2011, 2010, and 2009 were as follows (in thousands):
|  | Fiscal Year Ended September 30, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Total revenue |  | $ | 42,806 |  |  | $ | 51,856 |  |  | $ | 61,317 |
Home construction and land sales expenses |  |  | 38,157 |  |  |  | 43,374 |  |  |  | 51,445 |
Inventory impairments and lot option abandonments |  |  | 2,906 |  |  |  | 2,273 |  |  |  | 13,522 |
Gross profit (loss) |  |  | 1,743 |  |  |  | 6,209 |  |  |  | (3,650 | )
Commissions |  |  | 1,167 |  |  |  | 2,219 |  |  |  | 2,486 |
General and administrative expenses |  |  | 4,270 |  |  |  | 7,460 |  |  |  | 10,338 |
Depreciation and amortization |  |  | 455 |  |  |  | 736 |  |  |  | 595 |
Operating loss |  |  | (4,149 | ) |  |  | (4,206 | ) |  |  | (17,069 | )
Equity in loss of unconsolidated joint ventures |  |  | (518 | ) |  |  | (15,543 | ) |  |  | (2,163 | )
Gain on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | 3,574 |
Other income (expense), net |  |  | 55 |  |  |  | 437 |  |  |  | (1,020 | )
Loss from discontinued operations before income taxes |  |  | (4,612 | ) |  |  | (19,312 | ) |  |  | (16,678 | )
Provision (benefit) from income taxes |  |  | 63 |  |  |  | (14,833 | ) |  |  | (726 | )
Loss from discontinued operations, net of tax |  | $ | (4,675 | ) |  | $ | (4,479 | ) |  | $ | (15,952 | )
Assets and liabilities from discontinued operations at September 30, 2011 and 2010 consist of the following (in thousands):
|  | 2011 |  |  | 2010 |
ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,110 |  |  | $ | 411 |
Accounts receivable |  |  | 182 |  |  |  | 2,214 |
Inventory |  |  | 13,351 |  |  |  | 46,280 |
Other |  |  | 596 |  |  |  | 900 |
Assets of discontinued operations |  | $ | 15,239 |  |  | $ | 49,805 |
LIABILITIES |  |  |  |  |  |  |  |
Trade accounts payable and other liabilities |  | $ | 3,329 |  |  | $ | 8,727 |
Accrued warranty expenses |  |  | 4,413 |  |  |  | 6,279 |
Other secured notes payable |  |  | — |  |  |  | 857 |
Liabilities of discontinued operations |  | $ | 7,742 |  |  | $ | 15,863 |

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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 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 2: 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 3: 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 Reference 4: 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 5: 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=6390789&loc=d3e2443-110228 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 43-48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: 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 8: 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 9: 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 10: 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 + Details
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