Acquisitions (Tables)

3 Months Ended

Mar. 31, 2014

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, 2013:


	Three Months Ended March 31, 2013
Net sales	$	62,628
Net income		1,925
Earnings per share:
Basic	$	0.08
Diluted	$	0.07

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

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

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


Current assets	$	15,062
Property and equipment		959
Goodwill		7,595
Intangible assets – finite life		13,477
Intangible assets – 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	$	68,766
Property and equipment		15,773
Other assets		1,375
Assets held for sale (a)		10,886
Goodwill		106,052
Intangible assets – finite life		35,810
Intangible assets – indefinite life		11,910

Total assets acquired		250,572
Current liabilities assumed		(13,638	)
Deferred income tax liability		(28,284	)
Long term liabilities assumed		(6,078	)

Net assets acquired	$	202,572

(a)

The assets held for sale primarily consist of real property and are valued at the estimated proceeds less costs to sell. The Company has not recorded a gain or loss on the classification of the subject assets held for sale. The Company expects to complete the sale of the subject assets during 2014. During the three months ended March 31, 2014, the Company received proceeds of $4.5 million for the sale of assets held for sale. The balance of assets held for sale is $6.4 million as of March 31, 2014.