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DISCONTINUED OPERATIONS | 3 Months Ended
--- | ---
Jun. 28, 2012
DISCONTINUED OPERATIONS |
DISCONTINUED OPERATIONS |
NOTE 2—DISCONTINUED OPERATIONS Canada In July of 2012, the Company sold 6 of its 8 theatres located in Canada. The operations of these 6 theatres have been eliminated from the Company's ongoing operations during the first quarter of fiscal 2013 and the related assets and liabilities have been classified as held for sale. During the second quarter of fiscal 2013, two theatres with 48 screens were sold under an asset purchase agreement to Empire Theatres Limited and 4 theatres with 86 screens were sold under the share purchase agreement to Cineplex, Inc. The total net proceeds from the sales were approximately $1,421,000, and are subject to working capital and other purchase price adjustments as described in these agreements. The Company does not have any significant continuing involvement in the operations of these 6 theatres after the disposition. The results of operations of these 6 theatres have been classified as discontinued operations, and information presented for all periods reflects the new classification. Components of amounts reflected as loss from discontinued operations in the Company's Consolidated Statements of Income are presented in the following table:
|  | Thirteen Weeks Ended |
--- | --- | --- | ---
(In thousands) |  | June 28, 2012 |  | June 30, 2011 |
|  | (unaudited) |
Revenues |  |  |  |  |  |  |
Admissions |  | $ | 10,724 |  | $ | 12,351 |
Concessions |  |  | 3,882 |  |  | 4,392 |
Other revenue |  |  | 316 |  |  | 272 |
Total revenues |  |  | 14,922 |  |  | 17,015 |
Operating costs and expenses |  |  |  |  |  |  |
Film exhibition costs |  |  | 5,752 |  |  | 6,616 |
Concession costs |  |  | 713 |  |  | 721 |
Operating expense |  |  | 4,995 |  |  | 5,536 |
Rent |  |  | 4,893 |  |  | 4,726 |
General and administrative: |  |  |  |  |  |  |
Other |  |  | — |  |  | — |
Depreciation and amortization |  |  | 193 |  |  | 179 |
Operating costs and expenses |  |  | 16,546 |  |  | 17,778 |
Operating loss |  |  | (1,624 | ) |  | (763 | )
Other expense (income) |  |  |  |  |  |  |
Other expense |  |  | — |  |  | — |
Interest expense |  |  | — |  |  | — |
Corporate borrowings |  |  | — |  |  | — |
Capital and financing lease obligations |  |  | — |  |  | — |
Investment income |  |  | (2 | ) |  | (2 | )
Total other expense |  |  | (2 | ) |  | (2 | )
Loss before income taxes |  |  | (1,622 | ) |  | (761 | )
Income tax provision |  |  | — |  |  | — |
Net loss |  | $ | (1,622 | ) | $ | (761 | )
Cinemex On December 29, 2008, the Company sold all of its interests in Cinemex, which then operated 44 theatres with 493 screens primarily in the Mexico City Metropolitan Area, to Entretenimiento GM de Mexico S.A. de C.V. ("Entretenimiento"). As of June 28, 2012, the Company estimates that it is contractually entitled to receive an additional $6,208,000 of the purchase price related to tax payments and refunds. While the Company believes it is entitled to these amounts from Cinemex, the collection will require litigation, which was initiated by the Company on April 30, 2010. Resolution could take place over a prolonged period. In fiscal 2010, as a result of the litigation, the Company established an allowance for doubtful accounts related to this receivable and directly charged off the receivable amount as uncollectible. The Company does not have any significant continuing involvement in the operations of the Cinemex theatres after the disposition. The results of operations of the Cinemex theatres have been classified as discontinued operations for all periods presented. Components of amounts reflected as loss from discontinued operations in the Company's Consolidated Statements of Income are presented in the following table:
|  | Thirteen Weeks Ended |
--- | --- | --- | ---
(In thousands) |  | June 28, 2012 |  | June 30, 2011 |
|  | (unaudited) |
Operating costs and expenses |  |  |  |  |  |  |
Loss on disposal of Cinemex |  | $ | 49 |  | $ | 9 |
Operating costs and expenses |  |  | 49 |  |  | 9 |
Operating loss |  |  | (49 | ) |  | (9 | )
Loss before income taxes |  |  | (49 | ) |  | (9 | )
Income tax provision |  |  | — |  |  | — |
Net loss |  | $ | (49 | ) | $ | (9 | )

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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 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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=8077374&loc=d3e2443-110228 Reference 8: 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 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 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 + Details
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