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Acquisitions (Tables) - BTI Acquisition | 9 Months Ended
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Jan. 31, 2016
Estimated Fair Values of Assets Acquired and Liabilities Assumed | We have completed the valuation of the assets acquired and liabilities assumed. During the nine months ended January 31, 2016, goodwill was increased by $738,000 primarily as a result of reductions in estimates in the fair values of acquired intangible assets and inventory reserves. The following table summarizes the estimated allocation of the purchase price for BTI at the acquisition date, which includes the net assets from the Hooyman Acquisition, as well as measurement period adjustments to date (in thousands):
| December 11, 2014 |  |  | Measurement |  |  |  |
| (As Initially |  |  | Period |  |  | December 11, 2014 |
| Reported) |  |  | Adjustments |  |  | (As Adjusted) |
Cash | $ |  | 24 |  |  | $ | — |  |  | $ |  | 24 |
Accounts receivable |  |  | 7,873 |  |  |  |  | 3 |  |  |  |  | 7,876 |
Inventories |  |  | 12,819 |  |  |  |  | (2 | ) |  |  |  | 12,817 |
Income tax receivable |  |  | 393 |  |  |  |  | (279 | ) |  |  |  | 114 |
Other current assets |  |  | 563 |  |  |  | — |  |  |  |  | 563 |
Property, plant, and equipment |  |  | 2,826 |  |  |  |  | (318 | ) |  |  |  | 2,508 |
Intangibles |  |  | 73,550 |  |  |  |  | (1,000 | ) |  |  |  | 72,550 |
Goodwill |  |  | 62,142 |  |  |  |  | 252 |  |  |  |  | 62,394 |
Total assets acquired |  |  | 160,190 |  |  |  |  | (1,344 | ) |  |  |  | 158,846 |
Accounts payable |  |  | 1,647 |  |  |  |  | 2 |  |  |  |  | 1,649 |
Accrued expenses |  |  | 326 |  |  |  |  | 83 |  |  |  |  | 409 |
Accrued payroll |  |  | 904 |  |  |  | — |  |  |  |  | 904 |
Accrued taxes other than income |  |  | 9 |  |  |  | — |  |  |  |  | 9 |
Deferred income taxes |  |  | 21,128 |  |  |  |  | (714 | ) |  |  |  | 20,414 |
Total liabilities assumed |  |  | 24,014 |  |  |  |  | (629 | ) |  |  |  | 23,385 |
| $ |  | 136,176 |  |  | $ |  | (715 | ) |  | $ |  | 135,461 |
Identifiable Intangible Assets Acquired and Respective Estimated Lives | The following are the identifiable intangible assets acquired (in thousands) and their respective weighted average lives:
|  |  |  |  | Weighted Average |
|  |  |  |  | Life |
| Amount |  |  |  | (In years) |
Developed technology | $ |  | 16,430 |  |  |  |  | 4.3 |
Customer relationships |  |  | 25,280 |  |  |  |  | 4.4 |
Trade names |  |  | 30,740 |  |  |  |  | 5.4 |
Order backlog |  |  | 100 |  |  |  |  | 0.3 |
| $ |  | 72,550 |  |  |  |  |  |
Unaudited Pro Forma Results of Operations | The following table reflects the unaudited pro forma results of operations assuming that the BTI Acquisition had occurred on May 1, 2014 (in thousands, except per share data):
| For the Three |  | For the Nine |
| Months Ended |  | Months Ended |
| January 31, 2015 |  | January 31, 2015 |
Net sales | $ |  | 136,573 |  | $ |  | 401,884 |
Net income |  |  | 8,620 |  |  |  | 26,064 |
Net income per share - diluted |  |  | 0.16 |  |  |  | 0.47 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of characteristics and cost, by total and major class, of indefinite-lived intangible assets acquired as part of a business combination. Indefinite-lived intangible assets are assets that have no physical form, but have expected future economic benefit. The future benefit is not expected to diminish over a stated period of time. Acquired indefinite-lived intangible assets are disclosed by major class (assets that can be grouped together because they are similar, either by their nature or by their use in operations of the entity) and in total. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472 + Details
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