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Acquisition (Tables) | 6 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Schedule of Purchase Price Allocated to Intangible Assets on Preliminary Basis | The purchase price was allocated to specific intangible assets on a preliminary basis as follows:
|  | Fair Value Assigned |  |  | Weighted Average Amortization Period
At September 30, 2021 |  |  |  |  |  |
Intangibles subject to amortization: |  |  |  |  |  |
Customer relationships |  | $ | 11,800 |  |  | 20 years
Technology and technical know how |  |  | 10,100 |  |  | 20 years
Backlog |  |  | 3,900 |  |  | 4 years
|  | $ | 25,800 |  |  |
Intangibles not subject to amortization: |  |  |  |  |  |
Tradename |  |  | 7,400 |  |  | Indefinite
|  | $ | 7,400 |  |  |
Schedule of Estimated Annual Amortization Expense | Technology and technical know-how and customer relationships are amortized in selling, general and administrative expense on a straight line basis over their estimated useful lives. Backlog is amortized in cost of products sold over the projected conversion period based on management estimates at time of purchase. Intangible amortization was $784 and $1,009 for the three and six months ended September 30, 2021. The estimated annual amortization expense is as follows:
|  | Annual Amortization |
Remainder of 2022 |  | $ | 1,497 |
2023 |  |  | 2,462 |
2024 |  |  | 1,775 |
2025 |  |  | 1,327 |
2026 |  |  | 1,123 |
2027 and thereafter |  |  | 16,607 |
Total intangible amortization |  | $ | 24,791 |
Schedule of Preliminary Allocation of Cost of Acquisition to Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the cost of the acquisition to the assets acquired and liabilities assumed as of the close of the acquisition:
|  | June 1, |
|  | 2021 |
Assets acquired: |  |  |  |
Cash and cash equivalents |  | $ | 1,587 |
Accounts receivable |  |  | 8,154 |
Unbilled revenue |  |  | 7,068 |
Inventory |  |  | 3,669 |
Other current assets |  |  | 409 |
Property, plant & equipment |  |  | 8,037 |
Operating lease asset |  |  | 9,026 |
Goodwill |  |  | 22,823 |
Backlog |  |  | 3,900 |
Customer relationships |  |  | 11,800 |
Technology and technical know how |  |  | 10,100 |
Tradename |  |  | 7,400 |
Total assets acquired |  |  | 93,973 |
Liabilities assumed: |  |  |  |
Accounts payable |  |  | 2,736 |
Accrued compensation |  |  | 1,341 |
Other current liabilities |  |  | 665 |
Customer deposits |  |  | 6,048 |
Operating lease liabilities |  |  | 9,066 |
Other long term liabilities |  |  | 2,103 |
Total liabilities assumed |  |  | 21,959 |
Purchase price |  | $ | 72,014 |
Schedule of Unaudited Pro Forma Information | The Condensed Consolidated Statement of Operations for the three and six months ended September 30, 2021 includes net sales of BN of $16,486 and $19,957, respectively. The following unaudited pro forma information presents the consolidated results of operations of the Company as if the BN acquisition had occurred at the beginning of each of the fiscal periods presented:
|  | Three Months Ended |  |  | Six Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Net sales |  | $ | 34,146 |  |  | $ | 44,174 |  |  | $ | 69,779 |  |  | $ | 76,360 |
Net (loss) income |  |  | (231 | ) |  |  | 4,374 |  |  |  | (2,256 | ) |  |  | 5,149 |
(Loss) earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.02 | ) |  | $ | 0.41 |  |  | $ | (0.21 | ) |  | $ | 0.49 |
Diluted |  | $ | (0.02 | ) |  | $ | 0.41 |  |  | $ | (0.21 | ) |  | $ | 0.49 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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