DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2012

DISCONTINUED OPERATIONS [Abstract]

Discontinued Operations

NOTE 3 – DISCONTINUED OPERATIONS

In June and September 2011, the Company completed the sales of its manufacturing and land drilling operations, respectively.  Discontinued operations for the 2012 periods included the $3.9 million asset impairment charge on the land rig retained by the Company in the sale of its manufacturing operations and held for sale, write-offs of receivables assumed, a working capital adjustment to the sale price of the land drilling business, and a prior year return-to-provision tax adjustment, among other items. The following table sets forth the components of "Discontinued operations, net of tax" (in thousands):

				2012
	Manufacturing			Drilling			Total
Revenues	$	-		$	-		$	-
Pretax income (loss)	$	(7,599	)	$	(3,603	)	$	(11,202	)
Provision (benefit) for taxes on income		15,751			(4,256	)		11,495
Discontinued operations, net of tax	$	(23,350	)	$	653		$	(22,697	)
					2011
	Manufacturing			Drilling			Total
Revenues	$	224,488		$	126,957		$	351,445
Pretax income (loss)	$	(8,583	)	$	16,623		$	8,040
Provision (benefit) for taxes on income		1,507			3,426			4,933
Income (loss) from discontinued operations, net of tax		(10,090	)		13,197			3,107
Pretax gain on sale of discontinued operations		670,614			212,891			883,505
Provision for tax on gain on sale		226,965			58,545			285,510
Gain on sale of discontinued operations, net of tax		443,649			154,346			597,995
Discontinued operations, net of tax	$	433,559		$	167,543		$	601,102
					2010
	Manufacturing			Drilling			Total
Revenues	$	610,441		$	191,061		$	801,502
Pretax income (loss)	$	(1,276	)	$	20,758		$	19,482
Provision (benefit) for taxes on income		(569	)		7,657			7,088
Discontinued operations, net of tax	$	(707	)	$	13,101		$	12,394

The following assets and liabilities have been segregated and included in "Assets of discontinued operations" and "Liabilities of discontinued operations," as appropriate, in the Consolidated Balance Sheets at December 31.  Other assets and deferred revenues in the table below consisted of the land rig retained by the company in the sale of the Company's manufacturing operations and a related customer deposit, respectively (in thousands):

	2012						2011
	Manufacturing		Drilling		Total		Manufacturing		Drilling		Total
Receivables - trade and other	$	-	$	-	$	-	$	-	$	4,000	$	4,000
Other assets		22,954		-		22,954		23,661		-		23,661
Assets of discontinued operations	$	22,954	$	-	$	22,954	$	23,661	$	4,000	$	27,661
Deferred revenues	$	20,122	$	-	$	20,122	$	20,122	$	-	$	20,122
Other current liabilities		1,133		-		1,133		1,183		3,700		4,883
Liabilities of discontinued operations	$	21,255	$	-	$	21,255	$	21,305	$	3,700	$	25,005