XML 96 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
Discontinued Operations
 12 Months Ended
Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations
Discontinued Operations
We continually review each of our markets in order to refine our overall investment strategy and to optimize capital and resource allocations in an effort to enhance our financial position and to increase stockholder value. This review entails an evaluation of both external market factors and our position in each market and over time has resulted in the decision to discontinue certain of our homebuilding operations.
We have separately classified the results of operations of our discontinued operations in the accompanying consolidated statements of operations for all periods presented. There were no material assets or liabilities related to our discontinued operations as of September 30, 2013 or September 30, 2012. Discontinued operations were not segregated in the consolidated statements of cash flows. Therefore, amounts for certain captions in the consolidated statements of cash flows will not agree with the respective data in the consolidated statements of operations. The results of our discontinued operations in the consolidated statements of operations for the fiscal years ended September 30, 2013, 2012 and 2011 were as follows:

 
 
Fiscal Year Ended September 30,
(In thousands)
 
2013
 
2012
 
2011
Total revenue
 
$
288

 
$
6,029

 
$
42,806

Home construction and land sales expenses
 
(319
)
 
6,057

 
38,157

Inventory impairments and lot option abandonments
 
17

 
579

 
2,906

Gross profit (loss)
 
590

 
(607
)
 
1,743

Commissions
 
—

 
217

 
1,167

General and administrative expenses (a)
 
2,566

 
9,206

 
4,270

Depreciation and amortization
 
—

 
35

 
455

Operating loss
 
(1,976
)
 
(10,065
)
 
(4,149
)
Other income (loss), net
 
77

 
(38
)
 
(463
)
Loss from discontinued operations before income taxes
 
(1,899
)
 
(10,103
)
 
(4,612
)
(Benefit from) provision for income taxes
 
(195
)
 
(400
)
 
63

Loss from discontinued operations, net of tax
 
$
(1,704
)
 
$
(9,703
)
 
$
(4,675
)

(a)
General and administrative expenses for the fiscal year ended September 30, 2012 primarily includes expense for the wind-down of our NW Florida operations, legal fees and potential liability related to outstanding litigation and other matters in Denver, Colorado and legal fees and other expenses related to BMC's settlement agreements related to our prior mortgage operations.