Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.19.3
Acquisition (Tables)
 9 Months Ended
Sep. 30, 2019
Business Combinations [Abstract]  
Schedule of Business Acquisition
Based on our preliminary valuation, 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 estimated 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 September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Revenue
 
$
198,326

 
$
181,464

 
$
558,915

 
$
550,452

Net Income
 
$
10,532

 
$
10,294

 
$
27,596

 
$
26,465

Basic earnings per share
 
$
0.96

 
$
0.94

 
$
2.52

 
$
2.43

Diluted earnings per share
 
$
0.95

 
$
0.94

 
$
2.50

 
$
2.42