NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(11) Discontinued Operations
On March 30, 2005, Fleetwood announced plans to exit its manufactured housing retail and financial services businesses and completed the sale of the majority of the assets of these businesses by August 2005. The decision to exit these businesses was intended to stem losses sustained in the retail operations. The return to a traditional focus on manufacturing operations was part of Fleetwood’s stated goal of making the transition to sustained profitability.
The carrying value of assets from discontinued operations was adjusted by non-cash impairment charges in fiscal 2006 and 2005. Operating results of these businesses, including impairment charges, are classified as discontinued operations for all periods presented. Discontinued operations, net for fiscal years 2007, 2006 and 2005, consist of the following:
| 2007 | 2006 | 2005 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (Amounts in thousands) | |||||||||||
| Revenues | $ | 18 | $ | 93,577 | $ | 248,754 | |||||
| Net loss before charges | $ | (1,668 | ) | $ | (17,758 | ) | $ | (37,741 | ) | ||
| Gain on sale, impairment charges and termination costs: Gain on sale of insurance assets |
— | 2,417 | — | ||||||||
| Impairment charges | (393 | ) | (2,520 | ) | (51,141 | ) | |||||
| Severance and termination costs | — | (4,511 | ) | — | |||||||
| Contract (lease) termination costs | (250 | ) | — | — | |||||||
| Discontinued operations, net | $ | (2,311 | ) | $ | (22,372 | ) | $ | (88,882 | ) | ||