Subsequent Events |
18.
Subsequent Events
During the fourth quarter of fiscal 2012, we initiated the sale of
the broadcast servers and storage business unit. On March 21, 2012,
we entered into an asset sale agreement to sell a portion of our
broadcast servers and storage business unit to a company located in
China. As such we have reflected the results of the associated sale
as discontinued operations in our financial statements.
The following table details selected financial information for the
former Servers and Storage business unit:
|
|
Fiscal Year ended January 31, |
|
|
|
2012 |
|
|
2011 |
|
|
2010 |
|
Revenues: |
|
(in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Products |
|
$ |
6,159 |
|
|
$ |
9,524 |
|
|
$ |
4,936 |
|
Services |
|
|
5,720 |
|
|
|
5,516 |
|
|
|
6,789 |
|
Total revenues |
|
$ |
11,879 |
|
|
$ |
15,040 |
|
|
$ |
11,725 |
|
Loss from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, before tax |
|
$ |
2,630 |
|
|
$ |
2,072 |
|
|
$ |
5,690 |
|
Income tax expense |
|
|
(100 |
) |
|
|
(100 |
) |
|
|
(100 |
) |
Loss from discontinued operations, after tax |
|
$ |
2,730 |
|
|
$ |
2,172 |
|
|
$ |
5,790 |
|
The major classes of assets and liabilities related to discontinued
operations are as follows:
|
|
January
31, |
|
|
January
31, |
|
|
|
2012 |
|
|
2011 |
|
Assets |
|
(in
thousands) |
|
Current assets: |
|
|
|
|
|
|
|
|
Inventories, net |
|
$ |
2,940 |
|
|
$ |
3,352 |
|
Prepaid expenses and other current assets |
|
|
170 |
|
|
|
192 |
|
Current assets related to discontinued operations |
|
|
3,110 |
|
|
|
3,544 |
|
Non
current assets: |
|
|
|
|
|
|
|
|
Goodwill |
|
|
594 |
|
|
|
594 |
|
Other
assets |
|
|
108 |
|
|
|
108 |
|
Property and equipment, net |
|
|
1,597 |
|
|
|
1,523 |
|
Non-current assets related to discontinued operations |
|
$ |
2,299 |
|
|
$ |
2,225 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Deferred revenues |
|
$ |
2,779 |
|
|
$ |
3,226 |
|
Current liabilities related to discontinued operations |
|
$ |
2,779 |
|
|
$ |
3,226 |
|