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Acquisitions (Tables)

12 Months Ended

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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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.

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