Discontinued Operations

3 Months Ended

Dec. 31, 2011

Discontinued Operations [Abstract]

Discontinued Operations

(15) 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 shareholder 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. During fiscal 2008, we discontinued our homebuilding operations in Charlotte, NC, Cincinnati/Dayton, OH, Columbia, SC, Columbus, OH, Lexington, KY, Denver, CO and Fresno, CA. During fiscal 2010, we substantially completed our homebuilding operations in Jacksonville, Florida and Albuquerque, New Mexico. During the third quarter of fiscal 2011, we decided to discontinue our homebuilding operations in Northwest Florida which have historically been reported in our Southeast segment.

Up until September 30, 2010, we offered title services to our homebuyers in several of our markets. Effective September 30, 2010, we had sold or discontinued all of our title services operations.

We have classified the results of operations of our title services and our exit markets as discontinued operations in the accompanying unaudited condensed consolidated statements of operations for all periods presented. There were no material assets or liabilities related to our discontinued operations as of December 31, 2011 or September 30, 2011. Discontinued operations were not segregated in the unaudited condensed consolidated statements of cash flows. Therefore, amounts for certain captions in the unaudited condensed consolidated statements of cash flows will not agree with the respective data in the unaudited condensed consolidated statements of operations. The results of our discontinued operations in the unaudited condensed Consolidated Statements of Operations for the quarters ended December 31, 2011 and 2010 were as follows (in thousands):

	Three Months Ended December 31,
	2011			2010
Total revenue	$	3,196		$	5,968
Home construction and land sales expenses		2,788			4,537
Inventory impairments and lot option abandonments		32			282
Gross profit		376			1,149
Commissions		158			406
Selling, general and administrative expenses		517			1,051
Depreciation and amortization		21			62
Operating loss		(320	)		(370	)
Equity in loss of unconsolidated joint ventures		(29	)		(175	)
Other (loss) income, net		(9	)		3
Loss from discontinued operations before income taxes		(358	)		(542	)
Benefit from income taxes		(399	)		(6	)
Income (loss) from discontinued operations, net of tax	$	41		$	(536	)