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Acquisitions (Tables) - BTI Acquisition

9 Months Ended

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 pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)-(3)
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-Section 50
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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

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-Section 50
-Paragraph 2
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