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Note 13 | 6 Months Ended
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Mar. 28, 2020
Notes to Financial Statements |
Business Combination Disclosure [Text Block] |
Note 13 | On October 1, 2019, we acquired the assets of ICEE Distributors LLC, based in Bossier City, Louisiana. ICEE Distributors does business in Arkansas, Louisiana and Texas with annual sales of approximately $13 million. Sales and operating income of ICEE Distributors were approximately $2.5 million and $400,000 for the second quarter and were approximately $5 million and $900,000 for the six months ended March 28,2020.
On February 4, 2020, we acquired the assets of BAMA ICEE, based in Birmingham, Alabama. BAMA ICEE does business in Alabama and Georgia with annual sales of approximately $3.5 million. Sales and operating income of BAMA ICEE were approximately $300,000 and $100,000 for the second quarter. The preliminary purchase price allocations for the acquisitions are as follows:
|  | (in thousands) |
|  | ICEE |  |  | BAMA |  |  | Total |
|  | Distributors |  |  | ICEE |  |  |  |  |
Accounts Receivable, net |  | $ | 722 |  |  | $ | 71 |  |  | $ | 793 |
Inventories |  |  | 866 |  |  |  | 77 |  |  |  | 943 |
Property, plant & equipment, net |  |  | 4,851 |  |  |  | 1,722 |  |  |  | 6,573 |
Customer Relationships |  |  | 569 |  |  |  | 133 |  |  |  | 702 |
Distribution rights |  |  | 21,200 |  |  |  | 6,800 |  |  |  | 28,000 |
Goodwill |  |  | 16,973 |  |  |  | 3,549 |  |  |  | 20,522 |
Accounts Payable |  |  | (210 | ) |  |  | (125 | ) |  |  | (335 | )
Purchase Price |  | $ | 44,970 |  |  | $ | 12,227 |  |  | $ | 57,197 |
The goodwill recognized is attributable to the assembled workforce of ICEE Distributors and certain other strategic intangible assets that do not meet the requirements for recognition separate and apart from goodwill. Acquisition costs of $62,000 and $98,000 are included in other general expense for the three and six months ended March 28, 2020, respectively. Our unaudited proforma results, giving effect to this acquisition and assuming an acquisition date of September 29, 2018, would have been:
|  | (in thousands) |
|  | Three months ended |  |  | Six months ended |
|  | March 28, |  |  | March 30, |  |  | March 28, |  |  | March 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Net Sales |  | $ | 272,242 |  |  | $ | 279,288 |  |  | $ | 555,739 |  |  | $ | 553,745 |
Net Earnings |  | $ | 7,308 |  |  | $ | 20,385 |  |  | $ | 24,366 |  |  | $ | 37,914 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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