Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the Bi-Phase acquisition:



(in thousands)	Purchase Price Allocation
Purchase consideration:
Initial cash paid at date of acquisition	$	3,619
Fair value of contingent consideration	540
Working capital adjustment	266
Purchase price, net of cash acquired	$	4,425

Allocation of consideration to assets acquired and liabilities assumed:
Accounts receivable	$	212
Inventories	2,103
Prepaid expenses and other current assets	166
Property, plant and equipment	113
Intangible assets	860
Goodwill	1,217
Current liabilities	(246		)
Net assets acquired	$	4,425

The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the Buck's acquisition:



(in thousands)	Purchase Price Allocation
Purchase Consideration:
Cash Consideration at date of acquisition	$	9,735

Allocation of consideration to assets acquired:
Inventories	$	6,598
Property, plant and equipment	231
Intangible assets	1,380
Goodwill	1,526
Net assets acquired	$	9,735

The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the Powertrain acquisition:



(in thousands)	Purchase Price Allocation
Purchase consideration:
Initial cash paid at date of acquisition	$	20,873
Fair value of contingent consideration	8,200
Working capital adjustment	(97		)
Total purchase consideration	$	28,976

Allocation of consideration to assets acquired and liabilities assumed:
Accounts receivable	$	4,931
Inventories	1,890
Prepaid expenses and other current assets	23
Property, plant and equipment	314
Intangible assets	13,600
Goodwill	15,311
Other non-current assets	24
Current liabilities	(7,117		)
Net assets acquired	$	28,976



(in thousands)	Purchase Price Allocation
	(Restated)
Purchase consideration:
Initial cash paid at date of acquisition, net of acquired cash	$	44,122
Fair value of contingent consideration	3,840
Fair value of the fixed number of shares of Common Stock	5,060
Purchase considerations:	$	53,022

Allocation of consideration to assets acquired and liabilities assumed:
Accounts receivable	$	3,989
Inventories	4,953
Prepaid expenses and other current assets	243
Property, plant and equipment	2,346
Intangible assets	23,300
Goodwill	23,414
Current liabilities	(5,223		)
Net assets acquired	$	53,022

Summary of Identifiable Intangible Assets

The intangible assets are amortized over their respective estimated useful lives as follows:



(in thousands)	Asset Amount		Estimated Life
Backlog	$	600	3 months
Customer relationships	13,000		12 years
Total intangible assets	$	13,600

The intangible asset is amortized over its estimated useful life as follows:

The intangible assets are amortized over their respective estimated useful lives, which approximate the period over which the Company expects to gain the estimated economic benefits as follows:



(in thousands)	Asset Amount		Estimated Life
Backlog	$	1,200	15 months
Customer relationships	20,400		13 years
Trade names and trademarks	1,700		13 years
Total intangible assets	$	23,300

The intangible assets are amortized over their respective estimated useful lives as follows:



(in thousands)	Asset Amount		Estimated Life
Developed technology	$	700	7 years
Customer relationships	160		15 years
Total intangible assets	$	860

Business Acquisition, Pro Forma Information

The following supplemental unaudited pro-forma information presents the combined results of operations of the Company and 3PI as though the acquisition of 3PI occurred on January 1, 2014. The Company also presents the combined results of operations of the Company and Powertrain as though the acquisition of Powertrain occurred on January 1, 2015. The Company did not include pro-forma results of operations for Bi-Phase and Buck’s, as the results are immaterial to the Company's Consolidated Statements of Operations. The pro-forma information is not necessarily indicative of the actual consolidated results had the 3PI acquisition occurred as of January 1, 2014, or had the Powertrain acquisition occurred as of January 1, 2015, or of future consolidated operating results.



(in thousands, except per share amounts)	For the Year Ended December 31,
	2015			2014
Net sales	$	383,455		$	352,760
Net income	(580		)	21,696
Earnings per common share, basic	$	(0.05	)	$	2.03
Earnings per common share, diluted	$	(0.05	)	$	1.95

(in thousands)

Asset Amount

Estimated Life

Customer relationships