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Acquisitions (Tables) | 12 Months Ended
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Apr. 30, 2018
Gemini Technologies, Incorporated and Bubba Blade Branded Products from Fish Tales, LLC |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated preliminary allocation of the purchase price for the 2018 Acquisitions (in thousands):
|  | 2018 Acquisitions |  |  |  | Measurement |  |  |  |  |  |
|  | (As Initially |  |  |  | Period |  |  |  | 2018 Acquisitions |
|  | Reported) |  |  |  | Adjustments |  |  |  | (As Adjusted) |
Accounts receivable |  | $ | 846 |  |  |  |  | (176 | ) |  |  | $ | 670 |
Inventories |  |  | 4,683 |  |  |  |  | 17 |  |  |  |  | 4,700 |
Other current assets |  |  | 145 |  |  |  |  | (51 | ) |  |  |  | 94 |
Property, plant, and equipment |  |  | 506 |  |  |  |  | 13 |  |  |  |  | 519 |
Intangibles |  |  | 6,400 |  |  |  |  | — |  |  |  |  | 6,400 |
Goodwill |  |  | 11,846 |  |  |  |  | 175 |  |  |  |  | 12,021 |
Total assets acquired |  |  | 24,426 |  |  |  |  | (22 | ) |  |  |  | 24,404 |
Accounts payable |  |  | 1,261 |  |  |  |  | (25 | ) |  |  |  | 1,236 |
Accrued payroll |  |  | 49 |  |  |  |  | (1 | ) |  |  | 48 |
Other long term liabilities |  |  | 100 |  |  |  |  | (100 | ) |  |  |  | — |
Total liabilities assumed |  |  | 1,410 |  |  |  |  | (126 | ) |  |  |  | 1,284 |
|  | $ | 23,016 |  |  |  |  | 104 |  |  |  | $ | 23,120 |
Identifiable Intangible Assets Acquired and Respective Weighted Average Lives | The following are the identifiable intangible assets acquired (in thousands) in the 2018 Acquisitions and their respective weighted average lives:
|  |  |  |  | Weighted Average |
|  | Amount |  |  |  | Life (In years) |
Developed technology |  | $ | 1,700 |  |  |  |  | 5.9 |
Customer relationships |  |  | 1,600 |  |  |  |  | 5.2 |
Trade names |  |  | 3,100 |  |  |  |  | 5.6 |
|  | $ | 6,400 |  |  |  |  |  |
Taylor Brands, LLC, Crimson Trace Corporation and Ultimate Survival Technologies, Inc. |
Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated preliminary allocation of the purchase price for the 2017 Acquisitions (in thousands):
|  | 2017 Acquisitions |  |  | Measurement |  |  |  |  |
|  | (As Initially |  |  | Period |  |  | 2017 Acquisitions |
|  | Reported) |  |  | Adjustments |  |  | (As Adjusted) |
Accounts receivable |  | $ | 11,635 |  |  | $ | (213 | ) |  | $ | 11,422 |
Inventories |  |  | 31,269 |  |  |  | 453 |  |  |  | 31,722 |
Income tax receivable |  |  | — |  |  |  | 68 |  |  |  | 68 |
Other current assets |  |  | 430 |  |  |  | (132 | ) |  |  | 298 |
Property, plant, and equipment |  |  | 8,232 |  |  |  | — |  |  |  | 8,232 |
Intangibles |  |  | 97,850 |  |  |  | (14,500 | ) |  |  | 83,350 |
Goodwill |  |  | 92,801 |  |  |  | 10,109 |  |  |  | 102,910 |
Total assets acquired |  |  | 242,217 |  |  |  | (4,215 | ) |  |  | 238,002 |
Accounts payable |  |  | 6,214 |  |  |  | 18 |  |  |  | 6,232 |
Accrued expenses |  |  | 973 |  |  |  | 158 |  |  |  | 1,131 |
Accrued payroll |  |  | 1,500 |  |  |  | (72 | ) |  |  | 1,428 |
Accrued income taxes |  |  | 6 |  |  |  | (6 | ) |  |  | — |
Accrued warranty |  |  | 98 |  |  |  | 96 |  |  |  | 194 |
Deferred income taxes |  |  | 20,658 |  |  |  | (4,409 | ) |  |  | 16,249 |
Total liabilities assumed |  |  | 29,449 |  |  |  | (4,215 | ) |  |  | 25,234 |
|  | $ | 212,768 |  |  | $ | — |  |  | $ | 212,768 |
Identifiable Intangible Assets Acquired and Respective Weighted Average Lives | The following are the identifiable intangible assets acquired (in thousands) in the 2017 Acquisitions and their respective weighted average lives:
|  |  |  | Weighted Average |
|  | Amount |  |  | Life (In years) |
Developed technology |  | $ | 3,000 |  |  |  | 4.1 |
Customer relationships |  |  | 62,100 |  |  |  | 5.0 |
Trade names |  |  | 17,000 |  |  |  | 4.8 |
Order backlog |  |  | 1,150 |  |  |  | 0.3 |
Non-competition agreement |  |  | 100 |  |  |  | 3.4 |
|  | $ | 83,350 |  |  |  |  |
Unaudited Pro Forma Results of Operations | Additionally, the following table reflects the unaudited pro forma results of operations assuming that the 2017 Acquisitions had occurred on May 1, 2015 (in thousands, except per share data):
|  | For the Year |  |  | For the Year |
|  | Ended |  |  | Ended |
|  | April 30, 2017 |  |  | April 30, 2016 |
Net sales |  | $ | 934,247 |  |  | $ | 816,699 |
Income from operations |  |  | 195,295 |  |  |  | 151,258 |
Net income per share - diluted |  |  | 2.30 |  |  |  | 1.80 |

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