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Subsequent Events | 9 Months Ended
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Apr. 30, 2015
Subsequent Events |
16. | Subsequent Events
Acquisition On May 1, 2015, the Company closed on a Membership Interest Purchase Agreement with Postle Aluminum Company, LLC for the acquisition of all the outstanding membership units of Postle Operating, LLC (“Postle”), a manufacturer of aluminum extrusion and specialized component products sold to RV and other manufacturers, for initial cash consideration of $144,315, subject to adjustment. The initial cash consideration was funded entirely from the Company’s cash on hand. The purchase price adjustment will be based on a final determination of the actual net assets as of the May 1, 2015 closing date and is expected to be finalized no later than early fiscal 2016. Postle will operate as an independent operation in the same manner as the Company’s other subsidiaries. Postle generated sales of approximately $220 million in calendar year 2014, which includes sales to certain Company subsidiaries. The following table summarizes our preliminary approximation of the fair value of the net assets acquired:
Cash |  | $ | 1,639 |
Accounts receivable |  |  | 23,000 |
Inventories |  |  | 34,000 |
Property, plant and equipment |  |  | 26,000 |
Other assets |  |  | 500 |
Goodwill and intangible assets |  |  | 91,315 |
Current liabilities |  |  | (26,000 | )
Capital lease obligations |  |  | (4,500 | )
Total preliminary approximation of net assets acquired |  |  | 145,954 |
Less cash acquired |  |  | (1,639 | )
Total preliminary cash consideration for acquisition, less cash acquired |  | $ | 144,315 |
The determination of the fair values of the assets acquired and liabilities assumed, particularly the fair value of the individual intangible assets acquired, requires significant judgment. This fair value analysis and valuation has not yet been completed. We anticipate completing the fair value determinations by early fiscal 2016. The final fair value determinations may differ from the approximations reflected in the table above. The goodwill arising from the Postle acquisition will be assigned to a non-reportable segment and will be deductible for tax purposes. The following unaudited pro forma information represents the Company’s results of operations as if the fiscal 2015 acquisitions of both Postle and CRV/DRV had occurred at the beginning of fiscal 2014. These performance results may not be indicative of the actual results that would have occurred under the ownership and management of the Company.
|  | Three Months Ended April 30, |  |  | Nine Months Ended April 30, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Net sales |  | $ | 1,223,333 |  |  | $ | 1,124,114 |  |  | $ | 3,137,484 |  |  | $ | 2,676,873 |
Net income |  | $ | 64,834 |  |  | $ | 58,925 |  |  | $ | 140,174 |  |  | $ | 116,108 |
Basic earnings per common share |  | $ | 1.21 |  |  | $ | 1.11 |  |  | $ | 2.63 |  |  | $ | 2.18 |
Diluted earnings per common share |  | $ | 1.21 |  |  | $ | 1.10 |  |  | $ | 2.62 |  |  | $ | 2.18 |
Treasury Stock Purchase The Company entered into a repurchase agreement, dated May 15, 2015 (the “May 15, 2015 Repurchase Agreement”), to purchase certain shares of its common stock from the Thompson Family Foundation (the “Foundation”) in a private transaction. Pursuant to the terms of the May 15, 2015 Repurchase Agreement, the Company purchased from the Foundation 1,000,000 shares of its common stock at a price of $60.00 per share, and held them as treasury stock, representing an aggregate purchase price of $60,000. The closing price of Thor common stock on May 15, 2015 was $61.29. The Foundation held shares of common stock of the Company previously owned by the late Wade F. B. Thompson, the Company’s co-founder and former Chief Executive Officer. At the time of the repurchase transaction, Alan Siegel, a member of the board of directors of the Company (the “Board”), served as a director of the Foundation. The repurchase transaction was evaluated and approved by members of the Board who are not affiliated with the Foundation. The transaction was consummated on May 19, 2015, and the Company used available cash to purchase the shares. The number of shares repurchased by the Company represented 1.9% of the Company’s issued and outstanding common stock immediately prior to the repurchase.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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