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This excerpt taken from the WBMD 8-K filed Jul 2, 2009. ACS/ACP
Business
As of December 31, 2007, the Company entered into an Asset
Sale Agreement and completed the sale of certain assets and
certain liabilities of its medical reference publications
business, including the publications ACP Medicine and
ACS Surgery: Principles and Practice. The assets and
liabilities sold are referred to below as
“ACS/ACP
Business.” ACP Medicine and ACS Surgery are
official publications of the American College of Physicians and
the American College of Surgeons, respectively. As a result of
the sale, the historical financial information of the ACS/ACP
Business has been reclassified as discontinued operations in the
accompanying consolidated financial statements. The Company will
receive net cash proceeds of $2,575, consisting of $1,925
received during 2008 and the remaining $650 to be received
during 2009. The Company incurred approximately $750 of
professional fees and other expenses associated with the sale of
the ACS/ACP Business. In connection with the sale, the Company
recognized a (loss) gain of ($234) and $3,394 during the
Table of Contents
WEBMD
HEALTH CORP.
NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
years ended December 31, 2008 and 2007, respectively.
Summarized operating results for the discontinued operations of
the ACS/ACP Business and the gain recognized on the sale are as
follows:
On December 4, 2008, the Company announced the
authorization of a stock repurchase program, at which time the
Company was authorized to use up to $30,000 to purchase shares
of its Class A Common Stock, from time to time, in the open
market, through block trades or in private transactions,
depending on market conditions and other factors. During 2008,
no shares were repurchased under this program.
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