Discontinued Operations

6 Months Ended

Jun. 25, 2011

Discontinued Operations

Discontinued Operations

14. Discontinued Operations

        On March 28, 2011, we disposed of our Phase I clinical business for a nominal amount. As part of the disposal we remained the guarantor of the monthly lease payments for the Phase I facility lease. We recognized, during the second quarter of 2011, the value of the guarantee net of the buyer's related indemnity, which amounted to $2,994. The facility lease runs through January 2021 with payments totaling $15,800. For the three and six months ended June 25, 2011, the discontinued businesses recorded a pretax loss from operations of $2,951 and $8,153, respectively.

        The consolidated financial statements have been reclassified to segregate, as discontinued operations, the assets and liabilities, operating results and cash flows, of the businesses being discontinued for all periods presented. Operating results from discontinued operations are as follows:

	Three Months Ended						Six Months Ended
	June 25, 2011			June 26, 2010			June 25, 2011			June 26, 2010
Net sales	$	10		$	3,512		$	2,122		$	8,570
Loss from operations of discontinued businesses, before income taxes		(2,951	)		(1,779	)		(8,153	)		(2,373	)
Benefit from income taxes		(1,219	)		(640	)		(2,476	)		(896	)
Loss from operations of discontinued businesses, net of taxes	$	(1,732	)	$	(1,139	)	$	(5,677	)	$	(1,477	)

        Assets and liabilities of discontinued operations at June 25, 2011 and December 25, 2010 consisted of the following:

		June 25, 2011		December 25, 2010
Current assets		$	272	$	3,862
Long-term assets			1,163		822
	Total assets	$	1,435	$	4,684
Current liabilities		$	1,003	$	3,284
Long-term liabilities			2,994		—
	Total liabilities	$	3,997	$	3,284

        Current assets included accounts receivable, prepaid income taxes and deferred tax assets. Non-current assets included long-term deferred tax assets. Current liabilities consisted of accounts payable, deferred income and accrued expenses. Long-term liabilities consisted of a lease commitment.