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Note 5 - Business Acquisitions
 9 Months Ended
Dec. 27, 2014
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]
NOTE 5 – BUSINESS ACQUISITIONS

On August 29, 2014, Transcat, through Transmation (Canada) Inc., acquired, effective as of August 31, 2014, Ulrich Metrology Inc. (“Ulrich”), pursuant to a Share Purchase Agreement for a cash purchase price of approximately $6.7 million, net of $0.1 million cash acquired.

Ulrich is a provider of accredited and commercial calibrations headquartered in Montreal, Quebec that specializes in providing custom metrology solutions for the aerospace and defense, industrial manufacturing and life science industries.

This transaction aligns with the Company’s acquisition strategy of targeting service businesses that expand the Company’s geographic reach and leverage its infrastructure while also increasing the depth and breadth of the Company’s service capabilities.

The acquisition was accounted for using the acquisition method of accounting.  Goodwill, calculated as the excess of the purchase price paid over the fair value of the underlying net assets of the business acquired, generally represents expected future economic benefits arising from the reputation of the acquired business, the assembled workforce, expected synergies and other assets acquired that could not be individually identified and separately recognized.  Other intangible assets, namely customer base and covenants not to compete, represent an allocation of a portion of the purchase price to identifiable intangible assets of the acquired businesses.  Intangible assets are being amortized for financial reporting purposes on an accelerated basis over the estimated useful life of up to 10 years.  Goodwill and the intangible assets relating to the Ulrich acquisition are not deductible for tax purposes.

The following is a summary of the preliminary purchase price allocation to the estimated fair value, based on level three inputs, of assets and liabilities acquired. These estimates may be revised based on working capital adjustments or other information related to the Ulrich acquisition.

Goodwill
  $ 3,980  
Intangible Assets – Customer Base
    2,179  
Intangible Assets – Covenants Not to Compete
    114  
Deferred Tax Liability
    (685 )
        5,588  
Plus:
Current Assets
    937  
 
Non-Current Assets
    379  
Less:
Current Liabilities
    (223 )
Total Purchase Price
  $ 6,681  

Acquisition costs of $0.1 million were recorded as incurred, during the first nine months of fiscal year 2015, as administrative expenses in the Consolidated Statement of Income.

The results of Ulrich are included in Transcat’s consolidated operating results as of the date the business was acquired.  The following unaudited pro forma information presents the Company’s results of operations as if the Ulrich acquisition had occurred at the beginning of the respective fiscal year.  The pro forma results do not purport to represent what the Company’s results of operations actually would have been if the transaction had occurred at the beginning of each period presented or what the Company’s operating results will be in future periods.

   
(Unaudited)
 
   
Nine Months Ended
 
   
December 27,
2014
   
December 28,
2013
 
             
Total Revenue
  $ 92,953     $ 90,458  
Net Income
    2,221       2,535  
Basic Earnings Per Share
    0.33       0.35  
Diluted Earnings Per Share
    0.31       0.34