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Acquisitions | 3 Months Ended
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Jul. 31, 2018
Business Combinations [Abstract] |
Acquisitions | (4) Acquisitions: 2018 Acquisitions In August 2017, in two separate transactions, we acquired (1) substantially all of the net assets of Gemtech and (2) Bubba Blade branded products and other assets from Fish Tales, LLC. The aggregate purchase price for the two acquisitions was $23.1 million, subject to certain adjustments, for which we utilized a combination of cash on hand and borrowings under our revolving line of credit. In connection with the Gemtech acquisition, additional consideration of up to a maximum of $17.1 million may be paid contingent upon the cumulative three year sales volume of Gemtech products. The valuation of this contingent consideration liability was established in accordance with ASC 805 — Business Combinations. Based on current forecasted revenue, we believe it is unlikely that the acquired business will achieve the performance metrics. Therefore, as of July 31, 2018, the contingent liability was recorded at a fair value of $100,000 in non-current liabilities. Gemtech, based in Meridian, Idaho, is a provider of quality suppressors and accessories for the consumer, law enforcement, and military markets. Fish Tales, LLC, based in Oro Valley, Arizona, was a provider of premium sportsmen knives and tools for fishing and hunting, including the premium knife brand Bubba Blade. The valuations of the assets acquired and liabilities assumed in the 2018 Acquisitions are substantially complete. 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 |  |  |  | (86 | ) |  | $ | 760 |
Inventories |  |  | 4,683 |  |  |  | 17 |  |  |  | 4,700 |
Other current assets |  |  | 145 |  |  |  | (56 | ) |  |  | 89 |
Property, plant, and equipment |  |  | 506 |  |  |  | 13 |  |  |  | 519 |
Intangibles |  |  | 6,400 |  |  |  | — |  |  |  | 6,400 |
Goodwill |  |  | 11,846 |  |  |  | 90 |  |  |  | 11,936 |
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 |
We amortize intangible assets in proportion to expected annual revenue generated from the intangibles that we acquire. 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 |  |  |  |  |
Pro forma results of operations assuming that the 2018 Acquisitions had occurred as of May 1, 2016 are not required because of the immaterial impact on our consolidated financial statements for all periods presented.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
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Period Type: | duration