Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.21.2
Acquisition (Tables)
3 Months Ended
Jun. 30, 2021
Business Combinations [Abstract]  
Schedule of Purchase Price Allocated to Intangible Assets on Preliminary Basis

The purchase price was allocated to specific intangible assets on a preliminary basis as follows:

 

 

Fair Value  Assigned

 

 

Weighted Average Amortization Period

 

At June 30, 2021

 

 

 

 

 

 

 

Intangibles subject to amortization:

 

 

 

 

 

 

 

Customer relationships

 

$

11,800

 

 

20 years

 

Technology and technical know how

 

 

10,100

 

 

20 years

 

Backlog

 

 

3,800

 

 

4 years

 

 

 

$

25,700

 

 

 

 

Intangibles not subject to amortization:

 

 

 

 

 

 

 

Tradename

 

 

7,400

 

 

Indefinite

 

 

 

$

7,400

 

 

 

 

Schedule of Estimated Annual Amortization Expense

Technology and technical know-how and customer relationships are amortized in selling, general and administrative expense on a straight line basis over their estimated useful lives.  Backlog is amortized in cost of products sold over the projected conversion period based on management estimates at time of purchase.  Intangible amortization was $225 for the three months ended June 30, 2021.  The estimated annual amortization expense is as follows:

 

 

 

Annual Amortization

 

Remainder of 2022

 

$

2,240

 

2023

 

 

2,427

 

2024

 

 

1,758

 

2025

 

 

1,321

 

2026

 

 

1,122

 

2027 and thereafter

 

 

16,607

 

Total intangible amortization

 

$

25,475

 

 

 

 

 

 

Schedule of Preliminary Allocation of Cost of Acquisition to Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the cost of the acquisition to the assets acquired and liabilities assumed as of the close of the acquisition:

 

 

 

 

June 1,

 

 

 

2021

 

Assets acquired:

 

 

 

 

  Cash and cash equivalents

 

$

1,587

 

  Accounts receivable

 

 

8,154

 

  Unbilled revenue

 

 

7,068

 

  Inventory

 

 

3,669

 

  Other current assets

 

 

409

 

  Property, plant & equipment

 

 

8,037

 

  Operating lease asset

 

 

9,026

 

  Goodwill

 

 

22,923

 

  Backlog

 

 

3,800

 

  Customer relationships

 

 

11,800

 

  Technology and technical know how

 

 

10,100

 

  Tradename

 

 

7,400

 

Total assets acquired

 

 

93,973

 

Liabilities assumed:

 

 

 

 

  Accounts payable

 

 

2,736

 

  Accrued compensation

 

 

1,341

 

  Other current liabilities

 

 

665

 

  Customer deposits

 

 

6,048

 

  Operating lease liabilities

 

 

9,066

 

  Other long term liabilities

 

 

2,103

 

Total liabilities assumed

 

 

21,959

 

Purchase price

 

$

72,014

 

Schedule of Unaudited Pro Forma Information   The following unaudited pro forma information presents the consolidated results of operations of the Company as if the BN acquisition had occurred at the beginning of each of the fiscal periods presented:

 

 

 

Three Months Ended

 

 

 

June 30,

 

 

 

2021

 

 

2020

 

Net sales

 

$

35,633

 

 

$

32,186

 

Net (loss) income

 

 

(2,025

)

 

 

775

 

(Loss) earnings per share

 

 

 

 

 

 

 

 

     Basic

 

$

(0.19

)

 

$

0.07

 

     Diluted

 

$

(0.19

)

 

$

0.07