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Discontinued Operations
6 Months Ended
Jun. 30, 2012
Discontinued Operations  
Discontinued Operations

Note 18.  Discontinued Operations

 

During 2011, the Company discontinued future homebuilding operations in its Jacksonville and Dallas divisions. The Company intends to complete all homes currently under contract and to sell its remaining available land in these divisions 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, have been 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. All prior periods have been reclassified to conform to the current period’s presentation.

 

BALANCE SHEETS

 

 

 

JUNE 30,

 

DECEMBER 31,

 

 (in thousands)

 

2012

 

2011

 

 Assets

 

 

 

 

 

Cash

 

  $

498

 

$

56

 

Housing inventories

 

11,372

 

30,670

 

Other assets

 

2,754

 

4,598

 

Total assets of discontinued operations

 

14,624

 

35,324

 

 Liabilities

 

 

 

 

 

Accounts payable and accrued liabilities

 

1,863

 

6,217

 

Total liabilities of discontinued operations

 

  $

1,863

 

$

6,217

 

 

The Company’s net income from discontinued operations totaled $223,000 for the three months ended June 30, 2012, compared to a net loss from discontinued operations that totaled $912,000 for the same period in 2011. For the six-month periods ended June 30, 2012 and 2011, net loss from discontinued operations totaled $1.9 million and $3.0 million, respectively.