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Etratech Acquisition (Tables) - Etratech Inc.

12 Months Ended

Dec. 31, 2017

Summary of Preliminary Allocation

The purchase price allocation is expected to be finalized by March 31, 2018. The allocation as of November 1, 2017 was as follows:

Accounts receivable		$	12,654
Inventory			7,014
Prepaid expenses and other assets			535
Property and equipment			6,205
Customer relationships			24,774
Technology			8,588
Goodwill			14,866
Assumed liabilities			(9,642	)
Net assets acquired			64,994
Cash acquired			670
Purchase price		$	65,664

Supplemental Pro Forma Information

The unaudited pro forma combined historical results including the amounts of Etratech revenue and earnings that would have been included in the Company’s consolidated statements of income had the acquisition date been January 1, 2017 or January 1, 2016 are as follows:

		Twelve Months Ended December 31,
		2017				2016
Product revenues		$	1,032,273			$	966,355
Net income		$	35,911			$	77,577
Basic earnings per share		$	0.98			$	2.13
Diluted earnings per share		$	0.98			$	2.12

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following:

		December 31, 2017
		Gross Value				Accumulated Amortization				Net Value				Useful Life
Customer relationships		$	24,774			$	358			$	24,416			8 -12 yrs
Technology			8,588				277				8,311			5 -6 yrs
Total		$	33,362			$	635			$	32,727

Summary of Amortization Expense

Amortization expense of $635 for the period November 1, 2017 through December 31, 2017 was recorded as follows:

		Three Months Ended December 31, 2017			Twelve Months Ended December 31, 2017
Product revenues		$	358		$	358
Research and development expenses			277			277

Estimate of Total Intangible Asset Amortization

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

2018		$	3,769
2019		$	3,769
2020		$	3,769
2021		$	3,706
2022		$	3,278

Summary of Property and Equipment

Property and equipment consist of the following:

Asset category		Useful life		Amount
Leashold improvements		10 yrs		$	342
Machinery and equipment		4-11 yrs			5,248
Furniture and fittings		4 yrs			230
Motor vehicles		3 yrs			25
Computer hardware and software		1 yrs			360
				$	6,205

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