Discontinued Operations

12 Months Ended

Mar. 31, 2012

Discontinued Operations [Abstract]

DISCONTINUED OPERATIONS

3.

DISCONTINUED OPERATIONS

Sale of Assets and Operations of TSG — Fiscal 2012

In May 2011, we sold our TSG business for an aggregate purchase price of $64.0 million in cash, subject to a possible downward adjustment based on final working capital, to OnX Enterprise Solutions Limited and its subsidiary OnX Acquisition LLC (together, “OnX”), a leading IT solutions provider based in Toronto, Canada. In addition to the purchase agreement, we entered into a transition services agreement (“TSA”) with OnX, under which we provided certain transitional administrative and supportive services to OnX through January 31, 2012. In July 2011, our shareholders approved the sale and the transaction closed on August 1, 2011, the date on which certain other contingencies specified in the sale agreement were satisfied. The sale of TSG represented a disposal of a component of an entity. As such, the operating results of TSG, along with the gain on sale, have been reported as a component of discontinued operations in the Consolidated Statements of Operations for the periods presented. In addition, the assets and liabilities of the TSG business are classified as discontinued operations in the Consolidated Balance Sheets as of March 31, 2012 and 2011.

Upon the close of the transaction, the aggregate purchase price of $64.0 million was reduced by the payment of agreed-upon fees of $3.3 million for severance costs, $2.4 million for transaction fees, $1.3 million for third-party services in support of the transition and $1.2 million working capital adjustment, resulting in net proceeds received by us of $55.8 million.

Components of Results of Discontinued Operations

For the fiscal years ended March 31, 2012, 2011 and 2010 the income (loss) from discontinued operations was comprised of the following:

(In thousands)	2012			2011			2010
Discontinued operations:
Net revenue	$	123,807		$	474,051		$	440,814
(Loss) income from operations of TSG	$	(1,781	)	$	(32,732	)	$	13,548
Gain on sale of TSG		19,486			—			—
Income (loss) on sale of TSG		17,705			(32,732	)		13,548
Income tax expense (benefit)		6,249			232			(2,371	)
Income (loss) from discontinued operations	$	11,456		$	(32,500	)	$	11,177