Acquisitions (Tables)

9 Months Ended

Sep. 30, 2013

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the approximate fair values of the assets acquired and liabilities assumed at the date of closing.


$ in thousands
Current assets	$	15,062
Property and equipment		959
Goodwill		8,242
Intangible – finite life, net		13,477
Intangible – indefinite life		2,865

Total assets acquired		40,605
Current liabilities assumed		(8,277	)
Deferred income tax liability		(4,086	)

Net assets acquired	$	28,242

Schedule of Restricted Stock Unit Activity Table

In addition, holders of outstanding Met-Pro options and restricted stock units received an aggregate amount of cash equal to approximately $4.9 million as consideration for the cancellation of the options and restricted stock units held by them as of immediately prior to the merger. The following table summarizes the approximate fair values of the assets acquired and liabilities assumed at the date of closing.


$ in thousands
Current assets	$	69,344
Property and equipment		17,038
Other assets		4,862
Assets held for sale (a)		8,723
Goodwill		105,429
Intangible – finite life, net		35,810
Intangible – indefinite life		11,910

Total assets acquired		253,116
Current liabilities assumed		(13,588	)
Deferred income tax liability		(27,598	)
Long term liabilities assumed		(5,969	)

Net assets acquired	$	205,961

(a)	The assets held for sale consists of real property, and are valued at the estimated proceeds less cost to sell.

Information of Company's Results of Operations

The following unaudited pro forma information represents the Company’s results of operations as if the acquisitions had occurred as of January 1, 2012:


	Three Months Ended September 30				Nine Months Ended September 30,
$ in thousands, except per share amounts	2013		2012		2013		2012
Net sales	$	65,062	$	75,430	$	195,419	$	212,338
Net income	$	860	$	4,121	$	7,333	$	8,847
Earnings per share:
Basic	$	0.03	$	0.16	$	0.29	$	0.35
Diluted	$	0.03	$	0.16	$	0.27	$	0.34