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Note 7 - Acquisitions
 3 Months Ended
Jul. 31, 2014
Notes to Financial Statements  
Business Combination Disclosure [Text Block]
7.
Acquisitions
 
Due to the immaterial error discussed in this Amendment No. 1, amounts in this footnote have been revised. For further discussion of the revision, see footnote 2, Correction of Immaterial Errors
 
 
During the first three months of fiscal 2015, the Company acquired 25 stores through one transaction with a third party.
The stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill. All of the goodwill associated with these transactions will be deductible for income tax purposes over
15
years.
 
Allocation of the purchase price for the
transaction
in aggregate is as follows (in thousands):     
 
 
Assets acquired:
 
 
 
 
Inventories
 
$
2,208
 
Property and equipment
 
 
22,075
 
Total assets
 
 
24,283
 
Liabilities assumed:
 
 
 
 
Accrued expenses
 
 
34
 
Total liabilities
 
 
34
 
Net tangible assets acquired, net of cash
 
 
24,249
 
Goodwill and other intangible assets
 
 
6,525
 
Total consideration paid, net of cash acquired
 
$
30,774
 
 
The allocation of the purchase price to assets acquired and liabilities assumed is preliminary pending finalization of management’s analysis.
 
 
The following unaudited pro forma information presents a summary of our consolidated results of operations as if the
transaction
referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data)
(all acquisitions from the three month period ended July 31, 2014 were completed in May):     
 
 
 
Three months ended
July 31,
 
 
 
2014
 
 
2013
 
Total revenues
 
$
2,291,186
 
 
 
2,210,709
 
Net earnings
 
 
50,097
 
 
 
55,793
 
Earnings per common share:
 
 
 
 
 
 
 
 
Basic
 
$
1.30
 
 
 
1.45
 
Diluted
 
$
1.28
 
 
 
1.44