Note 4 - Discontinued Operations

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

4. Discontinued operations

Discontinued operations include four businesses: (i) FirstService (which comprises Old FSV’s Residential Real Estate Services and Property Services segments); (ii) an REO rental operation (previously reported in Old FSV’s Residential Real Estate Services segment); (iii) a US-based commercial real estate consulting operation (previously reported in Old FSV’s Commercial Real Estate Services segment); and (iv) Field Asset Services (previously reported in Old FSV’s Property Services segment).

The Spin-off of FirstService was completed on June 1, 2015, resulting in the distribution of one FirstService share of the same class as each Old FSV share previously held to all shareholders. The Spin-off distribution was accounted for at the carrying amount, without gain or loss, and resulted in a reduction of shareholders’ equity of $138,396.

Colliers and FirstService were separated into two independent public companies to enable each company to intensify its focus on its distinct brand, customers and industry dynamics and also have the flexibility to pursue independent value creation strategies while optimizing its capital structure and financial resources.

In April 2014, the Company completed the sale of its REO rental operation for cash consideration of $1,500. The pre-tax loss on disposal was $1,601, before income tax recovery of $773 resulting in a net loss of $828. In July 2014, the Company completed the sale of a US-based commercial real estate consulting operation for cash consideration of $12,100. The pre-tax gain on disposal was $6,607, before income tax expense of $3,023 resulting in a net gain of $3,584.

On September 30, 2013, the Company completed the sale of its Field Asset Services operation for cash consideration of $49,460 (net of cash disposed of $5,177). The pre-tax loss on disposal was $7,158, before an income tax recovery of $3,100, resulting in a net loss of $4,058.

		2015		2014		2013
Revenues	$	479,636	$	1,132,002	$	1,038,087
Cost of revenues		340,941		800,046		731,203
Selling, general and administrative expenses		106,894		249,481		221,520
Depreciation		7,566		17,634		15,605
Amortization of intangible assets		4,253		8,744		23,606
Acquisition-related items		214		723		655
Operating earnings		19,768		55,374		45,498
Interest expense, net		993		6,932		12,826
Other expense		147		255		27
Earnings before income tax		18,628		48,187		32,645
Income tax expense		9,216		13,593		9,823
Net operating earnings from discontinued operations		9,412		34,594		22,822
Net gain (loss) on disposal		-		2,756		(4,058	)
Net earnings from discontinued operations	$	9,412	$	37,350	$	18,764
Non-controlling interest share of earnings		4,566		3,426		1,480
Non-controlling interest redemption increment		3,742		10,117		14,004
Net earnings (loss) from discontinued operations attributable to Company	$	1,104	$	23,807	$	3,280
Net earnings (loss) per share from discontinued operations
Basic	$	0.03	$	0.66	$	0.10
Diluted		0.03		0.65		0.10

The following table shows the assets and liabilities distributed upon the Spin-off of FirstService on June 1, 2015 and the assets and liabilities held for Spin-off as of December 31, 2014. The amounts allocated to goodwill represent the goodwill within the reporting units comprising the Residential Real Estate Services and Property Services segments of Old FSV.

		June 1, 2015		December 31, 2014
Cash and cash equivalents	$	38,700	$	66,790
Accounts receivable, net of allowance		129,758		115,143
Income tax recoverable, net		6,027		16,262
Inventories		12,076		9,489
Prepaids and other assets		23,461		24,372
Deferred income tax		18,982		18,667
Current assets		229,004		250,723
Capital assets		56,254		55,203
Other assets and receivables		3,109		4,736
Deferred income tax		9,153		4,572
Intangible assets		83,911		82,877
Goodwill		215,888		217,433
Non-current assets		368,315		364,821
Total assets	$	597,319	$	615,544
Accounts payable	$	40,883	$	24,687
Accrued liabilities		59,418		55,563
Contingent acquisition consideration		4,729		4,586
Income tax payable, net		-		5,650
Unearned revenue		31,736		16,079
Long-term debt		1,006		17,725
Deferred income tax		1,804		1,804
Current liabilties		139,576		126,094
Long-term debt		224,915		221,632
Contingent acquisition consideration		2,078		1,509
Deferred income tax		14,023		14,236
Other liabilities		12,117		12,398
Non-current liabilities		253,133		249,775
Redeemable non-controlling interests		66,214		80,926
Total liabilities	$	458,923	$	456,795