Annual report pursuant to Section 13 and 15(d)

Discontinued Operations

v2.4.0.8
Discontinued Operations
12 Months Ended
Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
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.
On or around October 30, 2012, we received a letter from counsel to Optos making certain indemnity claims against us in connection with the sale of our instrumentation business. In October 2013, we entered into a settlement agreement with Optos that resulted in payments to us and resolved all pending claims between the parties, including a termination of future royalty obligations from Optos to us.
The following table presents summarized financial information for the discontinued operations presented in the Consolidated Statements of Operations for 2012 and 2011. There were no discontinued operations in 2013:
 
For the years ended December 31
(In thousands)
2012
 
2011
Total revenue
$

 
$
4,254

Operating income (loss)
177

 
(3,434
)
Gain on sale to Optos

 
10,597

Income before provision for income taxes
177

 
7,142

Net income
$
109

 
$
5,181


The net income from discontinued operations for the year ended December 31, 2012 primarily represents collection of an accounts receivable balance retained as part of the sale to Optos.