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Acquisitions (Tables)

9 Months Ended

Sep. 30, 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:

(Table only in thousands, except per share data)		Three Months Ended September 30, 2013				Nine Months Ended September 30, 2013
Net sales(1)		$	65,062			$	195,419
Net income			1,879				7,434
Earnings per share:
Basic		$	0.07			$	0.29
Diluted		$	0.07			$	0.28

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.

(Table only in thousands)
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 fair values of the assets acquired and liabilities assumed at the date of closing of the acquisition.

(Table only in thousands)
Current assets		$	68,766
Property and equipment			15,773
Other assets			1,375
Assets held for sale (a)			10,886
Goodwill			106,726
Intangible assets – finite life			35,810
Intangible assets – indefinite life			11,910
Total assets acquired			251,246
Current liabilities assumed			(13,638	)
Deferred income tax liability			(28,958	)
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 nine months ended September 30, 2014, the Company received proceeds of $6.6 million for the sale of assets held for sale. The balance of assets held for sale is $4.2 million as of September 30, 2014.

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(2)-(3)

-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

+ Details

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X

- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472

+ Details

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