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BUSINESS ACQUISITIONS | 12 Months Ended
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Mar. 31, 2018
Business Combinations [Abstract] |
BUSINESS ACQUISITIONS | NOTE 9 – BUSINESS ACQUISITIONS There were no acquisitions during fiscal year 2018. During fiscal year 2017, Transcat completed the following business acquisition:
● | On April 1, 2016, acquired substantially all of the assets of Excalibur Engineering, Inc. (“Excalibur”). Headquartered in Irvine, California, Excalibur is a provider of calibration services, new and used test equipment, and product rentals.
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 businesses acquired, generally represents expected future economic benefits arising from the reputation of an acquired business, the assembled workforce, expected synergies and other assets acquired that could not be individually identified and separately recognized. Intangible assets, namely customer bases 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 an estimated useful life of up to 10 years. The total purchase price paid for the business acquired in fiscal year 2017 was approximately $7.6 million, net of less than $0.1 million cash acquired. The following is a summary of the purchase price allocation, in the aggregate, to the fair value, based on Level 3 inputs, of assets and liabilities acquired during each period presented:
|  |  | FY 2017
Goodwill |  | $ | 3,455 |
Intangible Assets – Customer Base |  |  | 1,990 |
Intangible Assets – Covenants Not to Compete |  |  | 100 |
Deferred Tax Liability |  |  | - |
|  |  |  | 5,545 |
Plus: | Current Assets |  |  | 973 |
| Non-Current Assets |  |  | 1,652 |
Less: | Current Liabilities |  |  | (606 | )
| Non-Current Liabilities |  |  | - |
Total Purchase Price |  | $ | 7,564 |
The business acquisition completed during fiscal year 2017 included holdback provisions for contingent consideration and other holdback amounts, as defined by the purchase agreement. The Company accrues contingent consideration, if any, based on its estimated fair value at the date of acquisition, in addition to other amounts relating to the holdback provisions. Contingent consideration of $0.3 million and other holdback amounts of $2.7 million were paid during fiscal year 2017. As of March 31, 2018 and March 25, 2017, no contingent consideration or other holdback amounts were unpaid and included on the Consolidated Balance Sheets. No acquisition costs were incurred in fiscal year 2018. During fiscal year 2017, acquisition costs of $0.1 million were incurred and recorded as general and administrative expenses in the Consolidated Statement of Income. The results of the acquired business 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 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 the period presented or what the Company’s operating results will be in future periods.
| March 25,
| 2017
Total Revenue | $ | 144,048
Net Income |  | 4,525
Basic Earnings Per Share |  | 0.65
Diluted Earnings Per Share |  | 0.64

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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