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DIVESTITURE
 12 Months Ended
Dec. 28, 2014
DIVESTITURE  
DIVESTITURE

2.  DIVESTITURE

 

On May 5, 2014, we completed the sale of the outstanding capital stock of Anchorage Daily News, Inc. (“Anchorage”) to an assignee of Alaska Dispatch Publishing, LLC for $34.0 million in cash. In accordance with the FASB Accounting Standards Codification (“ASC”) 205-20, “Discontinued Operations,” the financial results of Anchorage have been reported as a discontinued operation in our consolidated financial statements for the periods presented.

As of December 29, 2013, the major classes of Anchorage’s assets and liabilities were as follows:

 

 

 

 

 

 

 

December 29,

(in thousands)

 

2013

Current assets

    

$
5,390 

Property, plant and equipment, net

 

 
8,362 

Goodwill and other assets

 

 
17,275 

Total assets

 

$
31,027 

 

 

 

 

Current liabilities

 

$
2,456 

Non current liabilities

 

 
54 

Total liabilities

 

$
2,510 

 

The following table summarizes the financial information for the Anchorage’s operations for fiscal years 2014, 2013 and 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

 

December 28,

 

December 29,

 

December 30,

(in thousands)

    

 

2014

 

2013

 

2012

Revenues

 

 

$
9,071 

 

$
27,389 

 

$
29,795 

Income (loss) from discontinued operations, before taxes

 

 

$
(203)

 

$
3,956 

 

$
6,165 

Income tax provision

 

 

 
251 

 

 
1,597 

 

 
2,343 

Income (loss) from discontinued operations, net of tax, before loss on sale

 

 

$
(454)

 

$
2,359 

 

$
3,822 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of discontinued operations

 

 

$
5,391 

 

$

 —

 

$

 —

Income tax provision

 

 

 
6,925 

 

 

 —

 

 

 —

Loss on sale of discontinued operations, net of tax

 

 

 
(1,534)

 

 

 —

 

 

 —

Income (loss) from discontinued operations, net of tax

 

 

$
(1,988)

 

$
2,359 

 

$
3,822