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Note 2 - Acquisition | 3 Months Ended
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Sep. 30, 2015
Business Combinations [Abstract] |
Business Combination Disclosure [Text Block] | 2) Acquisition On September 4, 2014, the Company acquired Enginetics Corporation (“Enginetics”), a leading producer of aircraft engine components for all major aircraft platforms. This investment complements our Engineering Technologies Group and allows us to provide broader solutions to the aviation market. The Company paid $55.0 million in cash for 100% of the outstanding stock of MPE Aeroengines, Inc., of which Enginetics is a wholly owned subsidiary and has recorded intangible assets of $10.6 million, consisting of $9.1 million of customer relationships which are expected to be amortized over a period of fifteen years and $1.5 million of trademarks which are indefinite-lived. Acquired goodwill of $34.8 million is not deductible for income tax purposes due to the nature of the transaction. The Company finalized the purchase price allocation during the fourth quarter ended June 30, 2015. The components of the fair value of the Enginetics acquisition, are as follows (in thousands):
Enginetics |  | Final |
Fair value of business combination: |  |  |  |
Cash payments |  | $ | 55,021 |
Less: cash acquired |  |  | (113 | )
Total |  | $ | 54,908 |
Identifiable assets acquired and liabilities assumed: |  |  |  |
Current Assets |  | $ | 12,134 |
Property, plant, and equipment |  |  | 8,808 |
Identifiable intangible assets |  |  | 10,600 |
Goodwill |  |  | 34,790 |
Other non-current assets |  |  | 158 |
Liabilities assumed |  |  | (5,449 | )
Deferred taxes |  |  | (6,133 | )
Total |  | $ | 54,908 |
On June 20, 2014, the Company acquired all of the outstanding stock of Ultrafryer Systems, Inc. (“Ultrafryer”), a producer of commercial deep fryers for restaurant and commercial installations. During the quarter ended September 30, 2014, the Company made a subsequent $2.2 million disbursement related to the Ultrafryer acquisition to purchase the land and building associated with the business. The Company’s recent acquisitions are strategically significant to the future growth prospects of the Company, however at the time of the acquisition and June 30, 2015, we concluded, that historical results of the acquired Companies both individually and in the aggregate, were immaterial to the Company’s consolidated financial results and therefore additional proforma disclosures are not presented.

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