|
5. Discontinued Operations:
In April and August 2011, Portfolio Management sold portfolios of purchased accounts receivable with an aggregate book value of $18.8 million. This book value includes the impact of write-downs of the value of the purchased accounts receivable of $29.4 million recorded during the year ended December 31, 2011, which were recorded in connection with the dispositions.
Subsequent to the August sale, which constituted a significant portion of the Company’s remaining purchased accounts receivable portfolio, the results of the Portfolio Management business have been presented as discontinued operations on the consolidated statements of operations and cash flows, and prior periods have been restated. The remaining portfolios of purchased accounts receivable are not significant and are now included as part of ARM. As of December 31, 2011 and December 31, 2010, purchased accounts receivable of $2.2 million and $29.7 million, respectively, were included in prepaid expenses and other current assets, and $1.2 million and $48.9 million, respectively, were included in other assets on the consolidated balance sheet.
The following presents the amounts of revenue and pre-tax loss reported in discontinued operations (amounts in thousands):
|
|
|
For the Year Ended December 31, |
|
|
|
|
2011 |
|
2010 |
|
2009 |
|
|
Revenue |
|
$ |
(17,441 |
) |
$ |
29,598 |
|
$ |
49,634 |
|
|
Pre-tax loss |
|
(32,443 |
) |
(10,897 |
) |
(15,576 |
) | |