ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

We continually review locations to optimize the sustainable earning power and return on our invested capital. Our strategy, the Strategic Acquisition Model, also uses strategic ranking criteria to assess potential disposition candidates. The execution of this strategy entails selling generally non-strategic businesses.

During the first quarter of 2012, we ended a management agreement with a cemetery in Ohio. We currently have new letters of intent outstanding on funeral homes in Kansas and California; as such, these businesses are no longer reported within our continuing operations and are presented as held for sale on our Consolidated Balance Sheet at March 31, 2013.

Assets and liabilities associated with the businesses held for sale in our Consolidated Balance Sheets at December 31, 2012 and March 31, 2013 consisted of the following (in thousands):



	December 31, 2012		March 31, 2013
Assets:
Current assets	$	238	$	309
Preneed funeral trust investments	—		70
Receivables from preneed trusts	293		289
Property, plant and equipment, net	504		1,418
Goodwill	85		1,097
Deferred charges and other non-current assets	346		—
Total	$	1,466	$	3,183

Liabilities:
Current liabilities	$	75	$	106
Current portion of long-term debt and capital lease obligations	—		28
Long-term debt, net of current portion	—		85
Deferred preneed funeral revenue	294		289
Deferred preneed funeral receipts held in trust	—		70
Total	$	369	$	578

The operating results of the discontinued businesses during the periods presented, as well as the gain on the disposal, are presented in the discontinued operations section of the Consolidated Statements of Operations, along with the income tax effect as follows (in thousands):



	For the three months ended March 31,
	2012			2013
Revenues	$	977		$	658

Operating income	$	226		$	62
Gain (loss) on disposition	428			(583		)
(Provision) benefit for income taxes	(265		)	198
Income (loss) from discontinued operations	$	389		$	(323	)