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Cincinnati Sub-Zero Acquisition (Tables)

6 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Summary of Preliminary Allocation

The purchase price allocation is expected to be finalized by December 31, 2016.  The preliminary allocation as of April 1, 2016 was as follows:

Accounts receivable		$	10,790
Inventory			16,284
Prepaid expenses and other assets			1,144
Property and equipment			12,974
Customer relationships			11,600
Technology			3,200
Trade name			6,370
Goodwill			22,739	a
Assumed liabilities			(11,435	)
Net assets acquired			73,666
Cash acquired			985
Purchase price		$	74,651

(a) The preliminary amount recorded to goodwill is expected to change due to additional consideration owed to the seller for a tax gross up.

Supplemental Pro Forma Information

The unaudited pro forma combined historical results including the amounts of CSZ’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, 2016 or January 1, 2015 are as follows:

		Three Months Ended June 30,				Six Months Ended June 30,
		2015				2016				2015
Product revenues		$	221,136			$	464,339			$	449,638
Net income		$	17,456			$	30,732			$	37,366
Basic earnings per share		$	0.48			$	0.84			$	1.04
Diluted earnings per share		$	0.48			$	0.84			$	1.03

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following:

		June 30, 2016
		Gross Value				Accumulated Amortization				Net Value				Useful Life
Customer relationships		$	11,600			$	193			$	11,407			15 yrs
Technology			3,200				130				3,070			5 -7 yrs
Trade name			6,370				—				6,370			Indefinite
Total		$	21,170			$	323			$	20,847

Summary of Amortization Expense

Amortization expense of $323 for the three and six months ended June 30, 2016 was recorded as follows:

		Three and Six Months Ended June 30, 2016
Product revenues		$	193
Selling, general and administrative expense			130

Estimate of Total Intangible Asset Amortization

Amortization expense for the prospective five years is estimated to be as follows:

July 1, 2016 through December 31, 2016		$	647
2017		$	1,293
2018		$	1,293
2019		$	1,293
2020		$	1,293
2021		$	1,293

Summary of Property and Equipment

Property and equipment consist of the following:

Asset category		Useful life		Amount
Land		Indefinite		$	1,630
Buildings		20 yrs			6,066
Machinery and equipment		5-7 yrs			3,867
Computer hardware and software		3-5 yrs			450
Assets under construction					961
				$	12,974

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