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 second quarter of 2013, we sold a funeral home in California, which was reported as held for sale at March 31, 2013. During the second quarter of 2012, we did not dispose of any business. As of June 30, 2013, we had letters of intent outstanding on funeral homes in Kansas and Ohio and cemeteries in Virginia and Florida; as such, these businesses are no longer reported within our continuing operations. The assets and liabilities associated with these locations are included in assets held for sale on the Consolidated Balance Sheet as of June 30, 2013 and the operating results are presented on a comparative basis in the discontinued operations section of the Consolidated Statements of Operations.

Assets and liabilities associated with the businesses held for sale in our Consolidated Balance Sheets at December 31, 2012 and June 30, 2013 consisted of the following (in thousands):



	December 31, 2012		June 30, 2013
Assets:
Current assets	$	238	$	572
Preneed cemetery trust investments	—		7,745
Preneed funeral trust investments	—		63
Receivables from preneed trusts	293		691
Property, plant and equipment, net	504		3,069
Goodwill	85		1,097
Deferred charges and other non-current assets	346		—
Cemetery perpetual care trust investments	—		6,871
Total	$	1,466	$	20,108

Liabilities:
Current liabilities	$	75	$	143
Long-term debt, net of current portion	—		70
Deferred preneed cemetery revenue	—		5,059
Deferred preneed funeral revenue	294		284
Deferred preneed cemetery receipts held in trust	—		7,745
Deferred preneed funeral receipts held in trust	—		63
Care trusts corpus	—		$	6,794
Total	$	369	$	20,158

The operating results of the discontinued businesses during the periods presented, as well as the gain or loss 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 June 30,						For the Six Months Ended June 30,
	2012			2013			2012			2013
Revenues	$	1,390		$	946		$	3,001		$	2,269

Operating income	$	353		$	239		$	819		$	543
Gain (loss) on disposition	(2		)	630			426			47
Provision for income taxes	(148		)	(330		)	(503		)	(224		)
Income from discontinued operations	$	203		$	539		$	742		$	366