XML 54 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Contingent Earnout Liabilities
6 Months Ended
Jun. 30, 2014
Contingent Earnout Liabilities  
Contingent Earnout Liabilities

Note 13 — Contingent Earnout Liabilities

 

A contingent earnout payment of $4,000 was made in April 2013 to the sellers of Sprint for achieving certain operating performance targets in 2012.  The operations of Sprint did not meet the 2013 performance target.  There are no further earnout payments for the Sprint acquisition.

 

Saxon’s operations did not meet the performance target for the 2013 year and no payment was made.  There are no further earnout payments for the Saxon acquisition.

 

In March 2014, the Company paid $5,000 to the sellers of Q3C based on achievement of the 2013 operating performance targets.  The sellers will be paid an additional $3,750, contingent on meeting an EBITDA target for calendar year 2014 of at least $19 million, as defined in the purchase agreement, and an additional $1,250 will be paid if EBITDA exceeds $22 million, for a total payment of $5,000.  The estimated fair value at June 30, 2014 of the remaining contingent earnout was $4,674.

 

In June 2014, the Company acquired the assets of Vadnais Company for $6,354 in cash plus an earnout of $900 in 2015, contingent upon meeting a certain performance target for the remaining calendar year 2014.  The estimated fair value at June 30, 2014 of the remaining contingent earnout was $729.