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Etratech Acquisition (Tables) - Etratech Inc. | 3 Months Ended
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Mar. 31, 2018
Summary of Preliminary Allocation | The purchase price 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 |  |  | 14,881 |
Assumed liabilities |  |  | (9,642 | )
Net assets acquired |  |  | 65,009 |
Cash acquired |  |  | 670 |
Purchase price |  | $ | 65,679 |
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 is as follows:
|  | Three Months Ended March 31, |
|  | 2017 |
Product revenues |  | $ | 261,950 |
Net income |  | $ | 25,774 |
Basic earnings per share |  | $ | 0.70 |
Diluted earnings per share |  | $ | 0.70 |
Schedule of Intangible Assets, Net | Intangible assets, net consisted of the following (balances are lower as of March 31, 2018 than as of November 1, 2017, the acquisition date, due to fluctuations in foreign currency exchange rates totaling $390):
|  | March 31, 2018
|  | Gross Value |  |  | Accumulated Amortization |  |  | Net Value |  |  | Useful Life
Customer relationships |  | $ | 24,479 |  |  | $ | 884 |  |  | $ | 23,595 |  |  | 8 -12 yrs
Technology |  |  | 8,493 |  |  |  | 691 |  |  |  | 7,802 |  |  | 5 -6 yrs
Total |  | $ | 32,972 |  |  | $ | 1,575 |  |  | $ | 31,397 |  |  |
Summary of Amortization Expense | Amortization expense of $958 during the three-month period ended March 31, 2018 was recognized in our consolidated condensed statement of income as follows:
|  | Three Months Ended March 31, 2018 |
Product revenues |  | $ | 536 |
Cost of sales |  |  | 422 |
Estimate of Total Intangible Asset Amortization | Amortization expense for the prospective five years is estimated to be as follows:
April 1, 2018 through December 31, 2018 |  | $ | 2,821 |
2019 |  | $ | 3,761 |
2020 |  | $ | 3,761 |
2021 |  | $ | 3,669 |
2022 |  | $ | 3,272 |
2023 |  | $ | 2,596 |
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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