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Discontinued Operations
 12 Months Ended
Dec. 31, 2014
Discontinued Operations  
Discontinued Operations
13. Discontinued Operations

 

On August 10, 2012, the Company entered into an agreement with Sinclair Pharmaceuticals Limited (“Sinclair”) to terminate, effective September 30, 2012, the distribution agreements relating to the promotion and sale of Xclair®, Numoisyn® Lozenges and Numoisyn® Liquid (collectively, the “ALIGN products”).

 

Product revenue, cost of goods sold and selling, general and administrative costs related to the promotion and sale of the ALIGN products have been reclassified from operating results from continuing operations to income from discontinued operations in the consolidated statement of operations for all periods presented as follows (in $000s):

 

   

Year ended

December 31,

 2013

    

Year ended

December 31,

 2014

  
             
Interest income     91       29  
Income tax on discontinued operations     (34 )     (10 )
Net income from discontinued operations, net of tax   $ 57     $ 19  

 

The assets and liabilities associated with product promotion and sales have been classified within assets and liabilities of discontinued operations in the accompanying consolidated balance sheets (in $000s):

 

   

December 31,

2013

    

December 31,

2014

  
             
Current assets of discontinued operations:                
Short term portion of minimum royalty arrangement receivable, net   $ 379     $ 96  
Returns indemnification receivable     260       75  
Total current assets of discontinued operations     639       171  
Long-term assets of discontinued operations:                
Long-term portion of minimum royalty arrangement receivable, net     72       —  
Total assets of discontinued operations   $ 711     $ 171  
                 
Current liabilities of discontinued operations:                
Returns provision   $ 260     $ 75  
Total current liabilities of discontinued operations   $ 260     $ 75