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Note 2 - Acquisitions | 12 Months Ended
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Jun. 30, 2016
Notes to Financial Statements |
Business Combination Disclosure [Text Block] | 2. Acquisitions 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, 2016, 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. Northlake On October 1, 2015, the Company acquired Northlake Engineering, Inc., (“Northlake”), a Wisconsin-based designer, manufacturer and distributor of high reliability electromagnetic products and solutions serving the North America power distribution and medical equipment markets. Northlake reports to our Electronics segment. The Company paid $13.7 million in cash for 100% of the outstanding stock of Northlake and has recorded intangible assets of $6.8 million, consisting of $4.1 million of customer relationships which primarily are expected to be amortized over a period of twelve and half years, $2.4 million of trademarks which are indefinite-lived and $0.3 million of non-compete which are expected to amortized over a period of five years. Acquired goodwill of $5.1 million is deductible for income tax purposes. The Company finalized the purchase price allocation during the quarter ending June 30, 2016. The components of the fair value of the Northlake acquisition, including the allocation of the purchase price at June 30, 2016, are as follows (in thousands):
|  | Preliminary Allocation |  |  | Adjustments |  |  | Final |
Fair value of business combination: |  |  |  |  |  |  |  |  |  |  |  |
Cash payments |  | $ | 13,859 |  |  | $ | 156 |  |  | $ | 14,015 |
Less: cash acquired |  |  | (315 | ) |  |  | - |  |  |  | (315 | )
Total |  | $ | 13,544 |  |  | $ | 156 |  |  | $ | 13,700 |
Identifiable assets acquired and liabilities assumed: |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  | $ | 2,810 |  |  | $ | - |  |  | $ | 2,810 |
Property, plant, and equipment |  |  | 1,407 |  |  |  | - |  |  |  | 1,407 |
Identifiable intangible assets |  |  | 4,124 |  |  |  | 2,700 |  |  |  | 6,824 |
Goodwill |  |  | 7,821 |  |  |  | (2,700 | ) |  |  | 5,121 |
Other non-current assets |  |  | 158 |  |  |  | - |  |  |  | 158 |
Liabilities assumed |  |  | (2,620 | ) |  |  | - |  |  |  | (2,620 | )
Expected final payments |  |  | (156 | ) |  |  | 156 |  |  |  | - |
Total |  | $ | 13,544 |  |  | $ | 156 |  |  | $ | 13,700 |
Enginetics 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 segment 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, including the allocation of the purchase price at June 30, 2015, are as follows (in thousands):
|  | 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 |
Ultrafryer The Company paid a total of $23.0 million, in cash, to acquire all of the outstanding stock of Ultrafryer Systems, Inc. (“Ultrafryer”), a producer of commercial deep fryers for restaurant and commercial installations on June 20, 2014. The stock purchase agreement included, a $2.2 million disbursement made in September of fiscal 2015 related to the purchase of land and building associated with the business.

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