Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v2.4.0.6
Discontinued Operations
12 Months Ended
Dec. 31, 2011
Discontinued Operations [Abstract]  
Discontinued Operations

Note 4 Discontinued Operations

In September 2011, we announced that we entered into an agreement with OPTOS, Inc., a subsidiary of Optos plc (collectively “Optos”) to sell our ophthalmic instrumentation business. Upon closing in October 2011, we received $17.5 million of cash and we are eligible to receive royalties up to $22.5 million on future sales.

The assets and liabilities related to our instrumentation business have identifiable cash flows that are independent of the cash flows of other groups of assets and liabilities and we will not have a significant continuing involvement with the related products beyond one year after the closing of the transactions. Therefore, the accompanying Consolidated Balance Sheets report the assets and liabilities related to our instrumentation business as discontinued operations in all periods presented, and the results of operations related to our instrumentation business have been classified as discontinued operations in the accompanying Consolidated Statements of Operations for all periods presented.

 

The following table presents the major classes of assets and liabilities that have been presented as assets of discontinued operations and liabilities of discontinued operations in the accompanying Consolidated Balance Sheets:

 

                 

(in thousands)

  December 31,
2011
    December 31,
2010
 

Trade accounts receivable, net

  $ —       $ 1,461  

Inventories, net

    —         3,534  

Other current assets

    4       103  

Property, plant and equipment, net

    —         140  

Intangible assets, net

    —         3,179  
   

 

 

   

 

 

 

Total assets of discontinued operations

  $ 4     $ 8,417  
   

 

 

   

 

 

 

Trade accounts payable

  $ 1     $ 690  

Accrued expenses and other liabilities

    173       2,370  
   

 

 

   

 

 

 

Total liabilities of discontinued operations

  $ 174     $ 3,060  
   

 

 

   

 

 

 

The following table presents summarized financial information for the discontinued operations presented in the Consolidated Statements of Operations:

 

                         
    For the years ended December 31  
(in thousands)   2011     2010     2009  

Total revenue

  $ 4,254     $ 8,386     $ 8,729  

Operating loss

    (3,434     (6,095     (5,873

Gain on sale to Optos

    10,597       —         —    

Income (loss) before provision for income taxes

    7,142       (6,092     (5,991

Net income (loss)

    5,181       (6,250     (5,722