Acquisitions (Tables)

12 Months Ended

Dec. 31, 2013

Information of Company's Results of Operations

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


	Year Ended December 31,
	2013		2012
Net sales	$	264,146	$	281,345
Net income	$	11,760	$	12,933
Earnings per share:
Basic	$	0.46	$	0.55
Diluted	$	0.45	$	0.51

Aarding Thermal Acoustics B.V. ("Aarding") [Member]

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.


Current assets	$	15,062
Property and equipment		959
Goodwill		7,595
Intangible – finite life, net		13,477
Intangible – indefinite life		2,865

Total assets acquired		39,958
Current liabilities assumed		(8,277	)
Deferred income tax liability		(4,086	)

Net assets acquired	$	27,595

Met-Pro [Member]

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.


Current assets	$	69,117
Property and equipment		16,393
Other assets		1,375
Assets held for sale (a)		11,083
Goodwill		104,884
Intangible – finite life, net		35,810
Intangible – indefinite life		11,910

Total assets acquired		250,572
Current liabilities assumed		(13,678	)
Deferred income tax liability		(28,244	)
Long term liabilities assumed		(6,078	)

Net assets acquired	$	202,572

(a)

The assets held for sale consists of primarily real property, and are valued at the estimated proceeds less cost to sell. The Company has not recorded a gain or loss on the classification of the subject assets to Held for Sale. The Company expects to complete the sale of the subject assets within the next twelve months.

Adwest Technologies, Inc. ('Adwest') [Member]

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	$	1,916
Property and equipment		23
Goodwill		4,806
Intangible – finite life, net		1,090
Intangible – indefinite life		300

Total assets acquired		8,135
Current liabilities assumed		(1,985	)

Net assets acquired	$	6,150