Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.0.6
Discontinued Operations
6 Months Ended
Jun. 30, 2012
Discontinued Operations [Abstract]  
DISCONTINUED OPERATIONS

NOTE 6 DISCONTINUED OPERATIONS

In September 2011, 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 will 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 transaction. Therefore, the accompanying Condensed 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 Condensed 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 Condensed Consolidated Balance Sheets:

 

                 

(in thousands)

  June 30,
2012
    December 31,
2011
 

Other current assets

  $ —       $ 4  
   

 

 

   

 

 

 

Total assets of discontinued operations

  $ —       $ 4  
   

 

 

   

 

 

 
     

Trade accounts payable

  $ —       $ 1  

Accrued expenses and other liabilities

    87       173  
   

 

 

   

 

 

 

Total liabilities of discontinued operations

  $ 87     $ 174  
   

 

 

   

 

 

 

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

 

                                 
    For the three months  ended
June 30,
    For the six months  ended
June 30,
 

(in thousands)

  2012     2011     2012     2011  

Total revenue

  $ —       $ 1,714     $ —       $ 3,412  

Operating loss

    —         (388     —         (1,338

Loss before provision for income taxes

    —         (399     —         (1,354

Net loss

    —         (399     —         (1,354