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BUSINESS COMBINATIONS (Tables)

3 Months Ended

Apr. 04, 2025

BUSINESS COMBINATIONS

Schedule of unaudited pro forma financial information

​

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	April 4,		​	March 29,
​		2025			2024
​	​	​
​	​	(in thousands, except per share data)
Pro forma revenue	​	$	156,257	​	$	135,367
​	​	​	​	​	​	​
Pro forma income (loss) from operations	​	$	6,785	​	$	7,992
Pro forma net income (loss) (1)	​	$	4,460	​	$	4,901
​	​	​	​	​	​	​
Earnings (Loss) per share:	​	​	​	​	​	​
Basic	​	$	0.31	​	$	0.36
Diluted	​	$	0.30	​	$	0.35
​	​	​	​	​	​	​
Weighted average shares outstanding:	​	​	​	​	​	​
Basic	​	​	14,163	​	​	13,605
Diluted	​	​	14,628	​	​	13,910

(1) Adjustments to pro forma net income include income from operations, amortization and interest expenses.

Alternative Power Generation, Inc.

BUSINESS COMBINATIONS

Schedule of consideration for the acquisition

​

​	​	​	​
​		APG
​	​	(in thousands)
Cash consideration	​	$	18,500
Other working capital adjustments and holdbacks	​	​	(1,171)
Issuance of common stock	​	​	5,557
Contingent consideration	​	​	12,353
Total consideration	​	$	35,239

Schedule of acquired assets recorded at their estimated fair value as of the acquisition date

​

​	​	​	​
​		APG
​	​	(in thousands)
Current assets	​	$	8,990
Non-current assets (1)	​	​	12
Liabilities	​	​	(10,934)
Non-current lease liability	​	​	(240)
Backlog	​	​	1,871
Customer relationships	​	​	6,360
Tradename	​	​	3,741
Goodwill	​	​	25,439
Net assets acquired	​	$	35,239

​

(1) Excluded from non-current assets are backlog, customer relationships, tradename, and goodwill.

Alpha Inspections, Inc.

BUSINESS COMBINATIONS

Schedule of consideration for the acquisition

​

​	​	​	​
​		Alpha
​	​	(in thousands)
Cash consideration	​	$	12,000
Other working capital adjustments and holdbacks	​	​	(250)
Total consideration	​	$	11,750

Schedule of acquired assets recorded at their estimated fair value as of the acquisition date

​

​	​	​	​
​		Alpha
​	​	(in thousands)
Current assets	​	$	1,135
Non-current assets (1)	​	​	4
Liabilities	​	​	(395)
Backlog	​	​	550
Customer relationships	​	​	2,413
Tradename	​	​	550
Goodwill	​	​	7,493
Net assets acquired	​	$	11,750

​

(1) Excluded from non-current assets are backlog, customer relationships, tradename, and goodwill.

Enica Engineering, PLLC

BUSINESS COMBINATIONS

Schedule of consideration for the acquisition

​

​	​	​	​
​		Enica
​	​	(in thousands)
Cash consideration	​	$	12,211
Other working capital adjustments and holdbacks	​	​	—
Contingent consideration	​	​	4,060
Total consideration	​	$	16,271

Schedule of acquired assets recorded at their estimated fair value as of the acquisition date

​

​	​	​	​
​		Enica
​	​	(in thousands)
Current assets	​	$	2,358
Non-current assets (1)	​	​	69
Right-of-use assets	​	​	652
Liabilities	​	​	(658)
Lease liability	​	​	(652)
Backlog	​	​	576
Customer relationships	​	​	3,892
Tradename	​	​	187
Goodwill	​	​	9,847
Net assets acquired	​	$	16,271

​

(1) Excluded from non-current assets are right-of-use assets, backlog, customer relationships, tradename, and goodwill.

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