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Global Thermoelectric Acquisition (Tables) | 6 Months Ended
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Jun. 30, 2014
Summary of Purchase Price Allocation | The preliminary allocation as of April 1, 2014 was as follows:
Accounts receivable |  | $ | 10,200 |
Inventory |  |  | 6,487 |
Deferred income tax assets, net |  |  | 3,499 |
Order backlog |  |  | 815 |
Prepaid expenses and other assets |  |  | 258 |
Property and equipment |  |  | 716 |
Customer relationships |  |  | 5,524 |
Technology |  |  | 2,807 |
Trade name |  |  | 725 |
Goodwill |  |  | 6,601 |
Assumed liabilities |  |  | (6,530 | )
Net assets acquired |  |  | 31,102 |
Cash acquired |  |  | 3,061 |
Purchase price |  | $ | 34,163 |
Supplemental Pro Forma Information | The unaudited pro forma combined historical results for the amounts of GTE’s revenue and earnings that would have been included in the Company’s consolidated condensed statements of income had the acquisition date been January 1, 2014 or January 1, 2013 are as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2013 |  |  | 2014 |  |  | 2013 |
Product revenues |  | $ | 170,846 |  |  | $ | 413,131 |  |  | $ | 325,084 |
Net income |  |  | 4,533 |  |  |  | 34,880 |  |  |  | 11,824 |
Schedule of Intangible Assets | Intangible assets, net consisted of the following (balances are higher as of June 30, 2014 than as of April 1, 2014, the acquisition date, due to fluctuations in foreign currency exchange rates totaling $362):
|  | June 30, 2014
|  | Gross Value |  |  | Accumulated Amortization |  |  | Net Value |  |  | Useful Life
Customer relationships |  | $ | 5,727 |  |  | $ | (119 | ) |  | $ | 5,608 |  |  | 12 yrs
Order backlog |  |  | 845 |  |  |  | (422 | ) |  |  | 423 |  |  | 0.5 yrs
Technology |  |  | 2,910 |  |  |  | (73 | ) |  |  | 2,837 |  |  | 10 yrs
Trade name |  |  | 751 |  |  |  | (54 | ) |  |  | 697 |  |  | 3.5 yrs
Total |  | $ | 10,233 |  |  | $ | (668 | ) |  | $ | 9,565 |  |  |
Summary of Amortization Expense | Amortization expense of $649 for the three and six months ended June 30, 2014 respectively, was recorded as follows:
|  | Three and Six Months Ended June 30, 2014 |
Product revenues |  | $ | (116 | )
Selling, general and administrative expense |  |  | 533 |
Summary of Amortization Expense for Prospective Five Years | Amortization expense for the prospective five years is estimated to be as follows:
July 1, 2014 through December 31, 2014 |  | $ | 914 |
2015 |  |  | 983 |
2016 |  |  | 983 |
2017 |  |  | 929 |
2018 |  |  | 768 |
Summary of Property, Plant and Equipment | Property and equipment consist of the following:
Asset category |  | Useful life |  | Amount |
Land |  | Indefinite |  | $ | 15 |
Buildings |  | 20 yrs |  |  | 81 |
Leasehold improvements |  | 5-7 yrs |  |  | 28 |
Machinery and equipment |  | 2-5 yrs |  |  | 423 |
Computer hardware and software |  | 3-5 yrs |  |  | 169 |
|  |  |  | $ | 716 |

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