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ACQUISITION (Tables)

12 Months Ended

Mar. 31, 2020

Preliminary Fair Values of the Assets Acquired and Liabilities Assumed

The following table summarizes the provisional allocation of the purchase price to assets acquired and liabilities assumed as of the acquisition date:

		As of March 6, 2020
		(dollars in thousands)
Inventories		$	28,413
Property, Plant, and Equipment			477,442
Intangible Assets			35,500
Lease Right-of-Use Assets			3,858
Lease Obligations			(3,858	)
Long-term Liabilities			(4,000	)
Total Net Assets			537,355
Goodwill			131,582
Total Estimated Purchase Price		$	668,937

Summary of the Fair Value Estimates of the Identifiable Intangible Assets

The following table is a summary of the fair value estimates of the identifiable intangible assets (dollars in thousands) and their weighted-average useful lives:

		Weighted-Average Life				Estimated Fair Value
Permits			20				1,500
Customer Relationships			15				32,500
Trade Name and Technology			10				1,500
Total Intangible Assets						$	35,500

Actual and Pro Forma Impact on Net Sales and Operating Loss

Actual and pro forma impact of Kosmos Acquisition: The following table presents the net sales and operating loss related to the Kosmos Acquisition that has been included in our Consolidated Statement of Earnings from March 6, 2020 through the end of the fiscal year:

		For the Fiscal Year Ended     March 31,
		2020
		(dollars in thousands)
Revenue		$	7,880
Operating Income (Loss)		$	(6,756	)

Unaudited Pro Forma Results

The unaudited pro forma results presented below include the effects of the Kosmos Acquisition as if it had been consummated as of April 1, 2018. The pro forma results include estimates for depreciation from the fair value adjustments to acquired Property and Equipment, amortization for acquired Intangible Assets, the Inventory step-up to fair value, and interest expense associated with debt used to fund the Kosmos Acquisition. To better reflect the combined operating results, material nonrecurring charges directly related to the Kosmos Acquisition of approximately $5.6 million have been excluded from pro forma net income. Additionally, we excluded a tax benefit of approximately $31.7 million that would not have been available to us had the acquisition occurred on April 1, 2018.  See Footnote (J) for more information on the tax benefit.

		For the Fiscal Year Ended March 31,
		2020				2019
		Unaudited
		(dollars in thousands)
Revenue		$	1,605,123			$	1,554,337
Net Income		$	50,189			$	66,377
Earnings per share – basic		$	1.19			$	1.42
Earnings per share - diluted		$	1.19			$	1.41

ConAgg Acquisition [Member]

Preliminary Fair Values of the Assets Acquired and Liabilities Assumed

The purchase price for the ConAgg Acquisition was allocated as follows:

		As of August 2, 2019
		(dollars in thousands)
Accounts Receivable		$	6,302
Inventories			1,921
Property, Plant, and Equipment			22,620
Intangible Assets			1,320
Lease Right-of-Use Assets			3,263
Other Assets			10
Lease Obligations			(3,263	)
Accounts Payable and Accrued Expenses			(3,388	)
Total Net Assets			28,785
Goodwill			1,639
Total Estimated Purchase Price		$	30,424

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