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09.12.2008 21:13:00
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Tier Reports Fiscal 2008 Fourth Quarter and Year End Results
Tier Technologies, Inc. (Nasdaq:TIER) today announced results for the quarter and year ended September 30, 2008 and provided updates on continuing strategic growth initiatives.
"We are pleased to announce the completion of 6 of 7 previously announced divestitures. Five of these divestitures were completed during fiscal year 2008, and the sixth was completed as of November 2008," said Ronald L. Rossetti, Tier's Chairman and Chief Executive Officer.
Mr. Rossetti went on to say "we have new management in place, and the Company is totally focused on the biller-direct category represented by our EPP operations.”
Next Mr. Rossetti stated, "despite the rapidly contracting economy, we were able to generate revenue growth from our continuing operations in both the fourth quarter and full 2008 fiscal year. Even with the lower-than-anticipated results in Property tax payments due to sub-prime mortgage issues, our EPP business ended the year with a 17.7% increase in revenues and continued transaction growth of 22.6%.”
Conference Call
Tier will host a conference call tonight at 5:00 p.m. Eastern Time to discuss these results. To access the conference call, please dial 888-335-3240 and provide conference ID # 76156469. The conference call will also be broadcast live via the Internet at www.tier.com. A replay will be available at www.tier.com approximately 24 hours after the end of the call or by calling 800-642-1687 and entering conference ID # 76156469 from Thursday, December 11 at noon Eastern Time until 11:59 p.m. Eastern Time on December 23, 2008.
Fourth Quarter Fiscal 2008 Results
For the quarter ended September 30, 2008, Tier reported revenues from continuing operations of $22.8 million, a 10.4% increase over the same quarter last year. Net loss was $4.9 million, or $0.25 per fully-diluted share.
Continuing operations include Electronic Payment Processing or EPP, certain wind-down businesses and corporate costs. On a standalone basis, our core EPP business reported quarterly revenues of $21.1 million, or a 15.4% increase over the same quarter last year. We continue to experience strong growth, both in the number of transactions processed and the Dollar volume of payments processed on behalf of our customers. Corporate overhead costs, which support both continuing and discontinued operations, were $3.8 million for the quarter, up $0.5 million from the same quarter last year. Corporate overhead should decline as these businesses are sold.
Tier’s discontinued operations reported revenues of $4.8 million for the quarter, down 235.3% from the same quarter last year. The decrease is primarily due to the ending of contracts. Net loss from discontinued operations was $4.0 million for the quarter.
Year End 2008 Results
For the fiscal year ended September 30, 2008, Tier reported revenues from continuing operations of $122.6 million, a 13.2% increase over year end 2007. Net loss was $12.0 million, or $0.61 per fully-diluted share.
On a standalone basis, our core EPP business reported annual revenues of $117.1 million or a 17.7% increase over the same period last year. We continue to experience strong growth, both in the number of transactions processed and the dollar volume of payments processed on behalf of our customers. Corporate overhead costs, which support both continuing and discontinued operations, were $16.4 million for the year, down $0.2 million from last year.
Tier’s discontinued operations reported revenues of $44.8 million for the year, down 54.0% from last year. The decrease is primarily due to the ending of contracts and the final sale of other business units. Net loss for the year from discontinued operations was $15.4 million, or $0.79 per fully diluted share.
Liquidity
As of September 30, 2008, Tier had $78.9 million in cash and cash equivalents and investments in marketable securities, and $8.1 million in restricted investments. Tier currently holds $31.3 million in auction rate securities as long-term investments. These investments are revenue bonds and asset-backed notes issued by state agencies. The investments are AAA-rated and collateralized with student loans and guaranteed under the Federal Family Education Loan Program. Tier has no short-term or long-term debt.
About Tier Technologies, Inc.
Tier Technologies, Inc. provides federal, state and local government and other public sector clients with electronic payment processing and other transaction processing services. Headquartered in Reston, Virginia, Tier Technologies serves over 3,300 electronic payment processing clients throughout the United States, including federal, state, and local governments, educational institutions, utilities and commercial clients. Through its subsidiary, Official Payments Corp., Tier delivers payment processing solutions for a wide range of markets. For more information, see www.tier.com and www.officialpayments.com.
Statements made in this press release that are not historical facts are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Tier undertakes no obligation to update any such forward-looking statements. Each of these statements is made as of the date hereof based only on current information and expectations that are inherently subject to change and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including, but not limited to: the impact of governmental investigations; the potential loss of funding by clients, including due to government budget shortfalls or revisions to mandated statutes; the timing, initiation, completion, renewal, extension or early termination of client projects; the Company’s ability to realize revenues from its business development opportunities; the timing and completion of the divestment of the Company’s non-core assets; and unanticipated claims as a result of project performance, including due to the failure of software providers or subcontractors to satisfactorily complete engagements. For a discussion of these and other factors which may cause our actual events or results to differ from those projected, please refer to the Company's annual report on Form 10-K for the fiscal year ended September 30, 2007 filed with the SEC.
IMPORTANT INFORMATION
Tier Technologies, Inc. plans to file with the SEC and furnish to its shareholders a Proxy Statement in connection with its 2009 Annual Meeting, and advises its security holders to read the Proxy Statement relating to the 2009 Annual Meeting when it becomes available, because it will contain important information. Security holders may obtain a free copy of the Proxy Statement and other documents (when available) that Tier files with the SEC at the SEC’s website at www.sec.gov. The Proxy Statement and these other documents may also be obtained for free from Tier by directing a request to Tier Technologies, Inc., Attn: Corporate Secretary, Keith Omsberg, 10780 Parkridge Blvd., 4th Floor, Reston, VA 20191.
CERTAIN INFORMATION CONCERNING PARTICIPANTS
Tier, its directors and named executive officers may be deemed to be participants in the solicitation of Tier’s security holders in connection with its 2009 Annual Meeting. Security holders may obtain information regarding the names, affiliations and interests of such individuals in Tier’s Annual Report on Form 10-K for the year ended September 30, 2007 and its proxy statement dated January 15, 2008, each of which is on file with the SEC, as well as its upcoming Annual Report on Form 10-K for the year ended September 30, 2008 and its upcoming proxy statement for the 2009 Annual Meeting (when available). To the extent there have been changes in Tier’s directors and executive officers, such changes have been reported on Current Reports on Form 8-K filed with the SEC. To the extent holdings of Tier securities have changed since the amounts printed in the proxy statement dated January 15, 2008, such changes have been or will be reflected on Statements of Change in Beneficial Ownership on Form 4 or Form 5 filed with the SEC.
| TIER TECHNOLOGIES, INC. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (in thousands) |
September 30, |
September 30, |
||||||
| ASSETS: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 47,735 | $ | 16,516 | ||||
| Investments in marketable securities | 2,415 | 57,815 | ||||||
| Accounts receivable, net | 4,209 | 4,909 | ||||||
| Unbilled receivables | 532 | 545 | ||||||
| Prepaid expenses and other current assets | 1,331 | 2,169 | ||||||
| Assets of discontinued operations | — | 672 | ||||||
| Current assets—held-for-sale | 11,704 | 36,196 | ||||||
| Total current assets | 67,926 | 118,822 | ||||||
| Property, equipment and software, net | 4,479 | 3,743 | ||||||
| Goodwill | 14,526 | 14,526 | ||||||
| Other intangible assets, net | 13,455 | 17,640 | ||||||
| Investments in marketable securities | 28,821 | — | ||||||
| Restricted investments | 7,861 | 11,526 | ||||||
| Other assets | 283 | 167 | ||||||
| Total assets | $ | 137,351 | $ | 166,424 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 918 | $ | 877 | ||||
| Accrued compensation liabilities | 4,289 | 4,653 | ||||||
| Accrued subcontractor expenses | 348 | 504 | ||||||
| Accrued discount fees | 5,243 | 4,529 | ||||||
| Other accrued liabilities | 4,319 | 4,213 | ||||||
| Deferred income | 1,790 | 2,649 | ||||||
| Liabilities of discontinued operations | — | 421 | ||||||
| Current liabilities—held-for-sale | 9,061 | 10,864 | ||||||
| Total current liabilities | 25,968 | 28,710 | ||||||
| Other liabilities | 136 | 200 | ||||||
| Total liabilities | 26,104 | 28,910 | ||||||
|
Commitments and contingencies |
||||||||
| Shareholders’ equity: | ||||||||
|
Preferred stock, no par value; authorized shares: 4,579; no shares issued and outstanding |
— | — | ||||||
|
Common stock and paid-in capital; shares authorized: 44,260; shares issued: 20,619 and 20,425; shares outstanding: 19,735 and 19,541 |
190,099 | 186,417 | ||||||
| Treasury stock—at cost, 884 shares | (8,684 | ) | (8,684 | ) | ||||
| Accumulated other comprehensive loss | (2,504 | ) | — | |||||
| Accumulated deficit | (67,664 | ) | (40,219 | ) | ||||
| Total shareholders’ equity | 111,247 | 137,514 | ||||||
| Total liabilities and shareholders’ equity | $ | 137,351 | $ | 166,424 | ||||
| TIER TECHNOLOGIES, INC. | ||||||||||||
| Consolidated Statements of Operations | ||||||||||||
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||||||||||||
| Year ended September 30, | ||||||||||||
| (in thousands, except per share data) | 2008 | 2007 | 2006 | |||||||||
| Revenues | $ | 122,571 | $ | 108,306 | $ | 90,916 | ||||||
| Costs and expenses: | ||||||||||||
| Direct costs | 95,234 | 82,668 | 68,447 | |||||||||
| General and administrative | 28,020 | 26,372 | 32,310 | |||||||||
| Selling and marketing | 8,677 | 7,950 | 8,076 | |||||||||
| Depreciation and amortization | 5,328 | 4,573 | 5,123 | |||||||||
| Write-down of goodwill and intangible assets | — | 9,161 | — | |||||||||
| Total costs and expenses | 137,259 | 130,724 | 113,956 | |||||||||
| Loss from continuing operations before other income and income taxes | (14,688 | ) | (22,418 | ) | (23,040 | ) | ||||||
| Other income: | ||||||||||||
| Income from investments: | ||||||||||||
| Equity in net income of unconsolidated affiliate | — | 475 | 445 | |||||||||
| Realized foreign currency gain | — | 239 | — | |||||||||
| Gain on sale of unconsolidated affiliate | — | 80 | — | |||||||||
| Interest income, net | 2,731 | 3,300 | 2,951 | |||||||||
| Other income | — | — | 74 | |||||||||
| Total other income | 2,731 | 4,094 | 3,470 | |||||||||
| Loss from continuing operations before income taxes | (11,957 | ) | (18,324 | ) | (19,570 | ) | ||||||
| Income tax provision | 87 | 76 | 45 | |||||||||
| Loss from continuing operations | (12,044 | ) | (18,400 | ) | (19,615 | ) | ||||||
| (Loss) income from discontinued operations, net | (15,401 | ) | 15,366 | 10,164 | ||||||||
| Net loss | $ | (27,445 | ) | $ | (3,034 | ) | $ | (9,451 | ) | |||
| (Loss) earnings per share—Basic and diluted: | ||||||||||||
| From continuing operations | $ | (0.61 | ) | $ | (0.94 | ) | $ | (1.00 | ) | |||
| From discontinued operations | $ | (0.79 | ) | $ | 0.78 | $ | 0.52 | |||||
| (Loss) earnings per share—Basic and diluted | $ | (1.40 | ) | $ | (0.16 | ) | $ | (0.48 | ) | |||
| Weighted average common shares used in computing: | ||||||||||||
| Basic and diluted (loss) earning per share | 19,616 | 19,512 | 19,495 | |||||||||
| TIER TECHNOLOGIES, INC. | ||||||||||||
|
Consolidated Statements of Cash Flows |
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|
|
||||||||||||
| Year ended September 30, | ||||||||||||
| (In thousands) | 2008 | 2007 | 2006 | |||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
| Net loss | $ | (27,445 | ) | $ | (3,034 | ) | $ | (9,451 | ) | |||
| Less: (Loss) income from discontinued operations, net | (15,401 | ) | 15,366 | 10,164 | ||||||||
| Loss from continuing operations, net | (12,044 | ) | (18,400 | ) | (19,615 | ) | ||||||
| Non-cash items included in net income from continuing operations: | ||||||||||||
| Depreciation and amortization | 5,497 | 4,744 | 5,479 | |||||||||
| Provision for doubtful accounts | 239 | (42 | ) | 809 | ||||||||
| Accrued forward loss on contracts | (12 | ) | 25 | (270 | ) | |||||||
| Equity in net income of unconsolidated affiliate | — | (475 | ) | (445 | ) | |||||||
| Gain on sale of unconsolidated affiliate | — | (80 | ) | — | ||||||||
| Foreign currency translation gain realized on sale of unconsolidated affiliate | — | (239 | ) | — | ||||||||
| Settlement of pension contract | — | 1,254 | — | |||||||||
| Share-based compensation | 2,224 | 1,514 | 1,768 | |||||||||
| Write-down of obsolete inventory | 442 | — | — | |||||||||
| Write-down of goodwill and intangible assets | — | 9,192 | — | |||||||||
| Other | 23 | 8 | 76 | |||||||||
| Net effect of changes in assets and liabilities: | ||||||||||||
| Accounts receivable and unbilled receivables | 473 | (1,413 | ) | 1,193 | ||||||||
| Prepaid expenses and other assets | 261 | 3,050 | (228 | ) | ||||||||
| Accounts payable and accrued liabilities | 311 | (142 | ) | 949 | ||||||||
| Income taxes receivable | 19 | 3 | (336 | ) | ||||||||
| Deferred income | (859 | ) | 129 | (70 | ) | |||||||
| Cash used in operating activities from continuing operations | (3,426 | ) | (872 | ) | (10,690 | ) | ||||||
| Cash provided by operating activities from discontinued operations | 3,955 | 14,645 | 15,450 | |||||||||
| Cash provided by operating activities | 529 | 13,773 | 4,760 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
| Purchases of marketable securities | (7,325 | ) | (21,012 | ) | (45,950 | ) | ||||||
| Sales and maturities of marketable securities | 33,815 | 3,550 | 44,278 | |||||||||
| Purchases of restricted investments | — | (22,611 | ) | (14,255 | ) | |||||||
| Sales and maturities of restricted investments | 1,250 | 20,098 | 6,571 | |||||||||
| Purchase of equipment and software | (1,951 | ) | (931 | ) | (1,310 | ) | ||||||
| Repayment of notes and accrued interest from related parties | — | 4,401 | — | |||||||||
| Proceeds from sale of discontinued operations and equity investment | 8,735 | 4,784 | — | |||||||||
| Other investing activities | — | (164 | ) | — | ||||||||
| Cash provided by (used in) investing activities for continuing operations | 34,524 | (11,885 | ) | (10,666 | ) | |||||||
| Cash used in investing activities for discontinued operations | (5,057 | ) | (4,010 | ) | (3,461 | ) | ||||||
| Cash provided by (used in) investing activities | 29,467 | (15,895 | ) | (14,127 | ) | |||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
| Net proceeds from issuance of common stock | 1,283 | 213 | 69 | |||||||||
| Capital lease obligations and other financing arrangements | (56 | ) | (26 | ) | (38 | ) | ||||||
| Cash provided by financing activities from continuing operations | 1,227 | 187 | 31 | |||||||||
| Cash used in financing activities for discontinued operations | (4 | ) | (6 | ) | (45 | ) | ||||||
| Cash provided by (used in) financing activities | 1,223 | 181 | (14 | ) | ||||||||
| Effect of exchange rate changes on cash | — | (11 | ) | 17 | ||||||||
| Net increase (decrease) in cash and cash equivalents | 31,219 | (1,952 | ) | (9,364 | ) | |||||||
| Cash and cash equivalents at beginning of period | 16,516 | 18,468 | 27,832 | |||||||||
| Cash and cash equivalents at end of period | $ | 47,735 | $ | 16,516 | $ | 18,468 | ||||||
| TIER TECHNOLOGIES, INC. | |||||||||||||||
| Consolidated Statements of Operations—Continuing Operations | |||||||||||||||
| Continuing Operations | |||||||||||||||
| (in thousands) | EPP |
Wind- down |
Corporate & Eliminations |
Total | |||||||||||
| Fiscal year ended September 30, 2008: | |||||||||||||||
| Revenues | $ | 117,072 | $ | 5,930 | $ | (431 | ) | $ | 122,571 | ||||||
| Costs and expenses: | |||||||||||||||
| Direct costs | 91,290 | 3,944 | — | 95,234 | |||||||||||
| General and administrative | 11,065 | 1,088 | 15,867 | 28,020 | |||||||||||
| Selling and marketing | 7,966 | 191 | 520 | 8,677 | |||||||||||
| Depreciation and amortization | 3,503 | 1,428 | 397 | 5,328 | |||||||||||
| Total costs and expenses | 113,824 | 6,651 | 16,784 | 137,259 | |||||||||||
|
(Loss) income from continuing operations before other income and income taxes |
3,248 | (721 | ) | (17,215 | ) | (14,688 | ) | ||||||||
| Other income (expense): | |||||||||||||||
| Interest income (expense) | (3 | ) | (2 | ) | 2,736 | 2,731 | |||||||||
| Total other income (expense) | (3 | ) | (2 | ) | 2,736 | 2,731 | |||||||||
| (Loss) income from continuing operations before taxes | 3,245 | (723 | ) | (14,479 | ) | (11,957 | ) | ||||||||
| Income tax provision | — | — | 87 | 87 | |||||||||||
| (Loss) income from continuing operations | $ | 3,245 | $ | (723 | ) | $ | (14,566 | ) | $ | (12,044 | ) | ||||
| Fiscal year ended September 30, 2007: | |||||||||||||||
| Revenues | $ | 99,433 | $ | 9,258 | $ | (385 | ) | $ | 108,306 | ||||||
| Costs and expenses: | |||||||||||||||
| Direct costs | 76,388 | 6,280 | — | 82,668 | |||||||||||
| General and administrative | 7,057 | 3,284 | 16,031 | 26,372 | |||||||||||
| Selling and marketing | 6,848 | 1,091 | 11 | 7,950 | |||||||||||
| Depreciation and amortization | 3,206 | 763 | 604 | 4,573 | |||||||||||
| Write down of goodwill and intangible assets | — | 9,161 | — | 9,161 | |||||||||||
| Total costs and expenses | 93,499 | 20,579 | 16,646 | 130,724 | |||||||||||
|
(Loss) income from continuing operations before other income and income taxes |
5,934 | (11,321 | ) | (17,031 | ) | (22,418 | ) | ||||||||
| Other income: | |||||||||||||||
| Interest income | — | — | 3,300 | 3,300 | |||||||||||
| Income from equity investments | — | — | 794 | 794 | |||||||||||
| Other income | — | — | 4,094 | 4,094 | |||||||||||
| (Loss) income from continuing operations before taxes | 5,934 | (11,321 | ) | (12,937 | ) | (18,324 | ) | ||||||||
| Income tax provision | 76 | — | — | 76 | |||||||||||
| (Loss) income from continuing operations | $ | 5,858 | $ | (11,321 | ) | $ | (12,937 | ) | $ | (18,400 | ) | ||||
| TIER TECHNOLOGIES, INC. | ||||||||||||||
| Consolidated Statements of Operations—Continuing Operations | ||||||||||||||
| Continuing Operations | ||||||||||||||
| (in thousands) | EPP |
Wind- |
Corporate & Eliminations |
Total | ||||||||||
| Fiscal Year Ended September 30, 2006: | ||||||||||||||
| Revenues | $ | 78,578 | $ | 12,489 | $ | (151 | ) | $ | 90,916 | |||||
| Costs and expenses: | ||||||||||||||
| Direct costs | 61,505 | 7,104 | (162 | ) | 68,447 | |||||||||
| General and administrative | 5,510 | 2,005 | 24,795 | 32,310 | ||||||||||
| Selling and marketing | 4,924 | 1,033 | 2,119 | 8,076 | ||||||||||
| Depreciation and amortization | 3,169 | 1,504 | 450 | 5,123 | ||||||||||
| Total costs and expenses | 75,108 | 11,646 | 27,202 | 113,956 | ||||||||||
|
(Loss) income from continuing operations before other income and income taxes |
3,470 | 843 | (27,353 | ) | (23,040 | ) | ||||||||
| Other income: | ||||||||||||||
| Interest income | 2,136 | — | 815 | 2,951 | ||||||||||
| Gain from equity investments | — | — | 519 | 519 | ||||||||||
| Total other income | 2,136 | — | 1,334 | 3,470 | ||||||||||
| (Loss) income from continuing operations before taxes | 5,606 | 843 | (26,019 | ) | (19,570 | ) | ||||||||
| Income tax provision | 45 | — | — | 45 | ||||||||||
| (Loss) income from continuing operations | $ | 5,561 | $ | 843 | $ | (26,019 | ) | $ | (19,615 | ) | ||||
| TIER TECHNOLOGIES, INC. | ||||||||||||||||
| Consolidated Statements of Operations—Discontinued Operations | ||||||||||||||||
| Year ended September 30, 2008 | ||||||||||||||||
| Other and | ||||||||||||||||
| (in thousands) | GBPO | PSSI | Eliminations | Total | ||||||||||||
| Revenues | $ | 20,235 | $ | 24,608 | $ | — | $ | 44,843 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Direct costs | 10,634 | 20,650 | (431 | ) | 30,853 | |||||||||||
| General and administrative | 2,282 | 6,262 | (242 | ) | 8,302 | |||||||||||
| Selling and marketing | 729 | 1,668 | (83 | ) | 2,314 | |||||||||||
| Depreciation and amortization | 1 | 78 | — | 79 | ||||||||||||
| Write-down of goodwill and intangibles | 141 | 17,623 | — | 17,764 | ||||||||||||
| Total costs and expenses | 13,787 | 46,281 | (756 | ) | 59,312 | |||||||||||
| (Loss) income before gain on discontinued operations | 6,448 | (21,673 | ) | 756 | (14,469 | ) | ||||||||||
| (Loss) gain on discontinued operations | (1,028 | ) | 85 | 11 | (932 | ) | ||||||||||
| (Loss) income from discontinued operations, net | $ | 5,420 | $ | (21,588 | ) | $ | 767 | $ | (15,401 | ) | ||||||
| Year ended September 30, 2007 | ||||||||||||||||
| Other and | ||||||||||||||||
| (in thousands) | GBPO | PSSI | Eliminations | Total | ||||||||||||
| Revenues | $ | 37,677 | $ | 31,372 | $ | — | $ | 69,049 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Direct costs | 24,696 | 21,557 | (386 | ) | 45,867 | |||||||||||
| General and administrative | 2,636 | 6,717 | (49 | ) | 9,304 | |||||||||||
| Selling and marketing | 1,098 | 2,621 | (18 | ) | 3,701 | |||||||||||
| Depreciation and amortization | 2 | 95 | — | 97 | ||||||||||||
| Write-down of goodwill and intangibles | 2,671 | 120 | — | 2,791 | ||||||||||||
| Total costs and expenses | 31,103 | 31,110 | (453 | ) | 61,760 | |||||||||||
| Income before gain on discontinued operations | 6,574 | 262 | 453 | 7,289 | ||||||||||||
| Gain on discontinued operations | — | — | 8,077 | 8,077 | ||||||||||||
| Income from discontinued operations, net | $ | 6,574 | $ | 262 | $ | 8,530 | $ | 15,366 | ||||||||
| Year ended September 30, 2006 | ||||||||||||||||
| Other and | ||||||||||||||||
| (in thousands) | GBPO | PSSI | Eliminations | Total | ||||||||||||
| Revenues | $ | 45,478 | $ | 32,337 | $ | — | $ | 77,815 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Direct costs | 36,157 | 22,448 | 331 | 58,936 | ||||||||||||
| General and administrative | 1,400 | 4,251 | 116 | 5,767 | ||||||||||||
| Selling and marketing | 623 | 1,702 | 33 | 2,358 | ||||||||||||
| Depreciation and amortization | 2 | 132 | — | 134 | ||||||||||||
| Write-down of goodwill and intangibles | — | — | — | — | ||||||||||||
| Total costs and expenses | 38,182 | 28,533 | 480 | 67,195 | ||||||||||||
| Income (loss) before income taxes | 7,296 | 3,804 | (480 | ) | 10,620 | |||||||||||
| Income tax provision | — | — | 456 | 456 | ||||||||||||
| Income (loss) from discontinued operations, net | $ | 7,296 | $ | 3,804 | $ | (936 | ) | $ | 10,164 | |||||||
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