Discontinued Operations

12 Months Ended

Dec. 31, 2014

Discontinued Operations

Discontinued Operations

Note N: Discontinued Operations

During 2011, the Company discontinued homebuilding operations in its Jacksonville and Dallas divisions. Since then, the Company sold its land from discontinued operations as part of a strategic plan designed to efficiently manage its invested capital. The results of operations and cash flows for Jacksonville and Dallas, which were historically reported in the Company's Southeast and Texas segments, respectively, were classified as discontinued operations. Additionally, the assets and liabilities related to these discontinued operations were presented separately in "Assets of discontinued operations" and "Liabilities of discontinued operations" within the Consolidated Balance Sheets. During 2013, the Company acquired the operations and assets of LionsGate Homes in Dallas, Texas. Therefore, homebuilding operations in Dallas have been classified as continuing operations.

BALANCE SHEETS

	DECEMBER 31,
(in thousands)		2014		2013
Assets
Cash and cash equivalents	$	–	$	27
Other assets		–		3
Total assets of discontinued operations		–		30
Liabilities
Accounts payable and accrued liabilities		–		504
Total liabilities of discontinued operations	$	–	$	504

The Company's net income from discontinued operations totaled $106,000 for the year ended December 31, 2013, compared to a net loss that totaled $2.0 million for the year ended December 31, 2012.