Annual report pursuant to Section 13 and 15(d)

Basis of Presentation (Tables)

v2.4.0.6
Basis of Presentation (Tables)
 12 Months Ended
Mar. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Table summarized the preliminary estimated fair values of the assets and liabilities
The following table summarizes the fair values of the assets and liabilities assumed as of the May 15, 2012, acquisition date:
(in thousands)
 
Inventories
$326
Deposit
3

Intangibles
3,230

Liabilities
(612
)
Goodwill
2,086

Net assets acquired
$5,033
Cash consideration transferred
$2,524
Contingent consideration
3,038

Working capital adjustment (shortfall)
(529
)
Total preliminary consideration
$5,033
sale of buisness ConferencePlus [Table Text Block]
During fiscal year 2012, the Company recorded an after-tax gain of $20.5 million on the ConferencePlus sale which is included in discontinued operations on the Consolidated Statement of Operations.
The gain on the sale is calculated as follows:
(in thousands)
 
Cash Proceeds
$
40,331

Less: Net value of assets and liabilities as of December 31, 2011, and transaction costs
(7,483
)
Total gain before income taxes
32,848

Income tax
(12,359
)
Total gain, net of tax
$
20,489

ConferencePlus revenue and income before income taxes reported in discontinued operations
ConferencePlus revenue and income before income taxes reported in discontinued operations is as follows:
 
Twelve months ended
March 31,
(in thousands)
2013
 
2012
 
2011
Revenue
$
—

 
$
31,746

 
$
42,328

Income (loss) before income taxes
$
(1,358
)
 
$
3,509

 
$
4,868

The pre-tax gain on the CNS asset sale
The pre-tax gain on the CNS asset sale for the twelve months ended March 31, 2012, is calculated as follows:
(in thousands)
 
Cash Proceeds
$
36,729

Less: Net value of assets and liabilities sold or transferred as of April 15, 2011, and transaction costs
(5,075
)
Total gain before income taxes
$
31,654