Discontinued Operations. Notwithstanding anything to the contrary in this Agreement or any classification under GAAP of any Person, business, assets or operations in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued operations, no pro forma effect shall be given to any discontinued operations (and the Consolidated EBITDA attributable to any such Person, business, assets or operations shall not be excluded for any purposes hereunder) until such disposition shall have been consummated.
Discontinued Operations. Notwithstanding anything to the contrary in this Agreement or any other Loan Document, the Discontinued Operations shall not conduct, transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business or operations other than those incidental to (a) the prosecution or defense in litigation or otherwise of claims asserted against the Discontinued Operations arising out of retained liabilities, the conduct of activities required in compliance with applicable law or in adjudication or administration of claims (whether by court order or negotiated settlement or otherwise), the maintenance of its corporate existence and financial record-keeping, or the engagement of personnel, counsel or third parties to conduct such activities on its behalf, and (b) the winding-up, dissolution, liquidation or other similar actions relating to the Discontinued Operations.
Discontinued Operations. If the Contractor discontinues its programs or ceases to provide services pursuant to this Contract, the Contractor shall protect DHS access rights by implementing one of the following options:
(1) Transfer the client records to a successor agency or entity which has:
(a) entered into a contract with DHS to provide such services formerly provided by the Contractor; and
(b) agreed to provide DHS with the same access to the records as required under the Contractor's contract with DHS; or
(2) Deliver the client records to an office within the Contractor's organization under an arrangement by which the Contractor authorizes DHS to have continuing immediate access to the records.
(3) With the prior written consent of DHS, which may be withheld for any reason, deliver the client records to DHS.
Discontinued Operations. Any Liability or obligation pertaining to any discontinued operation owned or operated by Seller and related to or utilized by the Acquired Business as it was operated by Seller prior to the Closing Date;
Discontinued Operations. All assets, properties, rights and interests in, under or to agreements, instruments or contracts relating to businesses, operations or assets that immediately prior to the Closing have been (i) closed, wound up or otherwise terminated or (ii) ceased to be held or used in connection with Transferor's businesses or operations, including the Business that is conducted at the Facilities; and
Discontinued Operations. If the Contractor discontinues its programs or ceases to provide services, the Contractor shall protect DHS access rights by implementing one of the following options: 1) transfer the client records to a successor agency or entity that has entered into a contract with DHS to provide the services formerly provided by the Contractor; 2) deliver the client records to an office within the Contractor's organization and provide DHS with continuing immediate access to the records; 3) with the prior written consent of DHS which may be withheld for any reason, deliver the client records to DHS; or
Discontinued Operations. Prior to February 3, 2007, the Company distributed all of the shares of Pamida Holding Company to the Parent, which subsequently contributed the shares to a new holding company, Pamida Brands Holding, LLC. In accordance with SFAS No. 144, the Company has reflected the operations of Pamida as a discontinued operation for all periods presented. The Company has reflected as a dividend to the Parent the net assets of Pamida in the amount of $32.4 million on the date of distribution. The table below presents the significant components of Pamida’s operating results included in income from discontinued operations: Revenues $ 828,260 $ 48,626 $ 735,719 $ 810,277 Income before income taxes 1,707 (1,640 ) 25,687 13,349 Income tax expense 498 298 10,162 4,924 Income from discontinued operations 1,209 (1,938 ) 15,525 8,425 The assets and liabilities of Pamida reflected as discontinued operations in the consolidated balance sheet as of January 28, 2006 are shown below. No assets or liabilities of Pamida are included in the consolidated balance sheet as of February 3, 2007. Cash and cash equivalents $ 5,032 Receivables, less allowances 10,973 Merchandise inventories 162,062 Other current assets 2,612 Total current assets 180,679 Other assets and deferred charges 1,325 Intangible assets — net 2,543 Debt issuance costs 6,129 Net property and equipment 101,830 Deferred income taxes 12,638 Total non-current assets 124,465 Short term debt 14,237 Accounts payable — trade 44,852 Accrued compensation and related taxes 8,897 Deferred taxes and other accrued liabilities 38,481 Accrued income and other taxes 6,095 Current portion of long-term obligations 3,523 Total current liabilities 116,085 Real estate Loan 44,538 Capital lease obligations — long term 22,177 Other long-term obligations 89,100 Total non-current liabilities 155,815
Discontinued Operations. In April 1997, the Company completed the sale of its LaSalle Steel Company ("LaSalle") subsidiary. The Company recorded an after tax gain on the sale of $36,290,000 in the second quarter of fiscal 1997. During 1998, an additional after tax gain of $668,000 was recorded as a result of post-closing adjustments. LaSalle's results of operations have been classified as discontinued operations and prior periods have been restated. For business segment reporting purposes, LaSalle's data was previously reported as the segment "Cold Finished Steel Bars". In December 1997, the Company completed the sale of its tubing operations, comprised of Michigan Seamless Tube, Gulf States Tube, and the Tube Group Administrative Office ("Tubing Operations"). The sale was effective November 1, 1997. The Company recorded an after tax gain on the sale of $12,378,000 during fiscal 1998. Included in the gain is an accrual for the Company's best estimate of potential environmental clean-up costs at one of the discontinued operating facilities. Results of these operations have been classified as discontinued and prior periods have been restated. For business segment reporting purposes, Tubing Operations were previously classified as "Steel Tubes". Net sales and income from discontinued operations are as follows: Years Ended October 31, 1997 1996 (In thousands) Net sales................................................... $187,123 $275,641 Operating income............................................ 7,962 17,090 Income tax expense.......................................... (2,786) (7,178) Income from discontinued operations......................... $ 5,176 $ 9,912 Net Assets of Discontinued Operations Current assets........ $ 24,388 Property, plant and equipment, net.......................... 17,357 Other assets................................................ 2,784 Current liabilities......................................... (11,241) Deferred pension credits.................................... (4,373) Deferred postretirement welfare benefits.................... (22,406) Deferred income taxes....................................... 6,718 Adjustment for minimum pension liability.................... 327
Discontinued Operations. On February 28, 2003, we sold our wafer fabrication services business to ASI. Additionally, we obtained a release from Texas Instruments regarding our contractual obligations with respect to wafer fabrication services to be performed subsequent to the transfer of the business to ASI. We restated our historical results to reflect our wafer fabrication services segment as a discontinued operation. In connection with the disposition of our wafer fabrication business, we recorded, during the first quarter of 2003, $1.0 million in severance and other exit costs to close our wafer fabrication services operations in Boise, Idaho and Lyon, France. Also in the first quarter of 2003, we recognized a pre-tax gain on the disposition of our wafer fabrication services business of $58.6 million ($51.5 million, net of tax). The carrying value of the sold net assets associated with the business as of February 28, 2003 was $2.4 million. A summary of the results from discontinued operations for the years ended December 31, 2002, 2001 and 2000 are as follows: FOR THE YEAR ENDED DECEMBER 31, 2002 2001 2000 (IN THOUSANDS) Net sales............................................ $233,529 $181,188 $377,593 Gross profit......................................... 22,205 17,547 37,755 Operating income..................................... 13,526 8,465 24,275 Other (income) expense............................... 64 (83) -- Tax expense.......................................... 5,132 2,922 7,923 Net income from discontinued operations.............. 8,330 5,626 16,352 A summary of the assets of our discontinued operations are as follows: ----------------- 2002 2001 ------- ------- (IN THOUSANDS) Accounts receivable, net of allowance of $256 and $-0-,..... $23,025 $21,759 Property, plant and equipment, net of accumulated depreciation of $8,368 and $6,289 at December 31, 2002 and 2001, respectively........................................ 2,605 4,655 Other long term assets...................................... -- 2,019 ------- ------- $25,630 $28,433 ======= ======= AMKOR TECHNOLOGY, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
Discontinued Operations. Net income of the Corporation's Discontinued Operations, excluding the gain of $403 on the sale of ITT Financial is comprised of the following: SEPTEMBER 30, SEPTEMBER 30, 1995---- 1994---- 1995---- 1994---- New ITT........................................... $ 50 $ 22 $103 $ 59 ITT Hartford...................................... 173 182 418 474 ITT Financial, ITT Rayonier & Other............... (36) 33 12 77 Total Discontinued Operations..................... $187==== $237==== $533==== $610==== In the accompanying financial statements for all periods presented, New ITT and ITT Hartford are reported as Discontinued Operations. The net assets of New ITT and ITT Hartford are included in Net Assets of Discontinued Operations in the accompanying balance sheet. See Exhibits 99(a) and 99(b) for additional financial information of New ITT and ITT Hartford. In September 1994, the Corporation announced plans to seek offers for the purchase of its Finance business segment, comprised primarily of its ITT Financial Corporation subsidiary. Summarized financial information for such business segment is as follows: NINE MONTHS ENDED SEPTEMBER 30, 1995---- 1994 ------ Income Statement Data: Revenues........................................................................ $476 $1,063 Operating Income................................................................ 79 92 Income from Finance Operations.................................................. 48 65 Gain on Sale, net of tax........................................................ 403 -- NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED) (DOLLARS IN MILLIONS UNLESS OTHERWISE STATED) SEPTEMBER 30,1995 DECEMBER 31, 1994 Balance Sheet Data: Total Assets........................................................... $ 697 $ 13,398 Total Liabilities...................................................... 595 12,734 ITT realized gross proceeds totaling $12.4 billion through September 30, 1995 from the sale of the businesses comprising ITT Financial. Proceeds from these transactions were used to repay ITT Financial debt. The Corporation recognized an after tax gain of $403 million ($667 million pre-tax) or $3.44 per fully diluted share in the second quarter including a provision for the remaining asset sales and closedown costs of ITT Financial Corporation. In January 1995, the holders of $3.4 billion in ITT Financial term debt consented to a merger of ITT Financial with the Corporation. The merger was completed on May 1, 1995. IT...
