Discontinued Operations

9 Months Ended

Sep. 24, 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 as a liability of $2,994, which will be amortized ratably over the remaining term of the lease. The facility lease runs through January 2021 with remaining payments totaling $15,060. For the three and nine months ended September 24, 2011, the discontinued businesses recorded pretax income (losses) from operations of $24 and $(8,129), 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						Nine Months Ended
	September 24, 2011			September 25, 2010			September 24, 2011			September 25, 2010
Net sales	$	—		$	5,196		$	2,122		$	13,766
Income (loss) from operations of discontinued businesses, before income taxes		24			(1,354	)		(8,129	)		(3,727	)
Provision (benefit) for income taxes		42			(368	)		(2,434	)		(1,264	)
Loss from operations of discontinued businesses, net of taxes	$	(18	)	$	(986	)	$	(5,695	)	$	(2,463	)

        Assets and liabilities of discontinued operations at September 24, 2011 and December 25, 2010 consisted of the following:

		September 24, 2011		December 25, 2010
Current assets		$	—	$	3,862
Non-current assets			1,121		822
	Total assets	$	1,121	$	4,684
Current liabilities		$	1,129	$	3,284
Non-current liabilities			2,590		—
	Total liabilities	$	3,719	$	3,284

        Non-current assets include a long-term deferred tax asset. Liabilities consist of a lease guarantee commitment.