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Acquisition (Tables)

12 Months Ended

Dec. 29, 2018

Business Combinations [Abstract]

Schedule of Business Acquisitions

The following unaudited consolidated pro forma information presents consolidated information as if the acquisition had occurred on January 1, 2017:

		Pro forma
(In thousands, except per share data)		Fiscal 2018				Fiscal 2017
Net sales		$	3,262,433			$	3,235,923
Net income (loss)		(18,129		)		32,690
Earnings (loss) per common share:
Basic		$	(1.83	)		$	3.61
Diluted		(1.83		)		3.54

The purchase price of Cedar Creek consisted of the following items:

		(In thousands)
Consideration paid to shareholders and amounts paid to creditors:
Payments to Cedar Creek shareholders[1]		$	166,447
Subordinated unsecured note (due to shareholder)[2]			13,743
Seller’s transaction costs paid by Company			7,349
Add: pay off of Cedar Creek debt[3]			174,213
Total preliminary cash purchase price		$	361,752

_____________

[1] Payments to Cedar Creek’s shareholders include the purchase of common stock and certain escrow adjustments.

[2] The Cedar Creek note payable to a shareholder of $13.7 million was paid in full upon the acquisition of Cedar Creek and included $10 million in subordinated debt and $3.7 million in accrued interest.

[3] To finance the acquisition of Cedar Creek, the Company amended and restated its Revolving Credit Facility to increase the availability thereunder to $600.0 million and also entered into a new $180.0 million senior secured Term Loan Facility (See Note 9).

The following table summarizes the values of the assets acquired and liabilities assumed at the date of the acquisition:

(In thousands)	Preliminary Allocation as of December 29, 2018
Cash and net working capital assets (excluding inventory)	$	88,318
Inventory	159,227
Property and equipment	71,203
Other, net	(1,395		)
Intangible assets and goodwill:
Customer relationships	25,500
Non-compete agreements	8,254
Trade names	6,826
Favorable leasehold interests	800
Goodwill	47,772
Capital leases and other liabilities	(44,753		)
Cash purchase price	$	361,752

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- References

No definition available.

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- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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