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Acquisitions
 9 Months Ended
Apr. 30, 2017
Business Combinations [Abstract]  
Business Combination Disclosure
NOTE 11 – Acquisitions
During the nine months ended April 30, 2017, the Company acquired the assets of an excavation company, which engages in earthwork, soil stabilization, equipment hauling and erosion control commercial contractor services, for a total cash purchase price of $10.0 million.
The following table summarizes the preliminary purchase price allocation based on the estimated fair values of the assets acquired and liabilities assumed for this acquisition (in thousands):
Allocation of the acquisition:
 

Property and equipment
$
9,750

Inventory
92

Goodwill
158

Fair value of net assets acquired
$
10,000


 This asset acquisition was undertaken to enhance the Company’s land development capabilities. This acquisition has been accounted for using the purchase method in accordance with ASC 805, Business Combinations, which resulted in the recognition of goodwill in the Company’s consolidated financial statements. Goodwill was recorded because the purchase price of the acquisition reflected a number of factors, including the future earnings and cash flow potential; the multiple to earnings, cash flow and other factors at which similar businesses have been purchased by other acquirers; and the complementary tactical development capability and cost control of the development of the Company’s yard locations and resulting synergies brought to existing operations.
The acquisition does not result in a significant change in the Company’s consolidated results of operations; therefore pro forma financial information has not been presented. The operating results have been included in the Company’s consolidated financial position and results of operations since the acquisition date. The acquisition-related expenses incurred during the nine months ended April 30, 2017, were not significant and were included in general and administrative expenses in the Company’s consolidated financial position and results of operations.