Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.19.1
Acquisition (Tables)
 3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Schedule of Business Acquisition
The total estimated purchase price has been allocated to assets acquired (including identifiable intangible assets and goodwill) and liabilities assumed, as follows (in thousands):
Description
 
Fair Value
Cash
 
$
396

Accounts receivable
 
7,409

Inventories
 
6,879

Prepaid expenses and other current assets
 
382

Property and equipment
 
4,044

Intangibles - customer related
 
55,000

Intangibles - trade name
 
8,000

Goodwill
 
60,590

Operating lease right-of-use assets
 
2,643

Other assets
 
333

Other current liabilities
 
(5,244
)
Long-term operating lease liabilities
 
(2,376
)
 
 
$
138,056

 
 
 
Cash consideration
 
$
113,056

Acquisition date fair value of earn-out obligation
 
25,000

Total
 
$
138,056

Business Acquisition, Pro Forma Information
The unaudited consolidated pro forma results of operations are as follows (in thousands except per share amounts):
 
 
Three months ended March 31,
 
 
2019
 
2018
Revenue
 
$
171,478

 
$
187,419

Net Income
 
$
7,039

 
$
7,301

Basic earnings per share
 
$
0.64

 
$
0.67

Diluted earnings per share
 
$
0.64

 
$
0.67