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Note 11 - Significant Transaction - Unaudited Pro Forma Information (Details) - GPT Acquisition [Member] - USD ($)
$ in Thousands
9 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Pro forma total revenues (1) [1] $ 102,184 $ 101,425
Pro forma net income (2) [2] $ 15,205 $ 11,530
[1] Net revenues were adjusted to include net revenues of GPT.
[2] Pro forma adjustments to net earnings attributable to Mesa include the following: Excludes acquisition-related transaction costs incurred in the nine months ended December 31, 2019. Excludes interest expense attributable to GPT's external debt that was paid off as part of the acquisition. Additional amortization expense of $4,289 for the nine months ended December 31, 2018 and $3,336 for the nine months ended December 31, 2019 based on the increased fair value of amortizable intangible assets acquired. Additional charge to cost of revenues of $12,958 was included in the nine months ended December 31, 2018 based on the step up value of inventory. $5,134 was excluded from the nine months ended December 31, 2019 based on the step up value of inventory which would have been included and fully amortized within the first nine months of the acquisition. Additional stock based compensation expense representing expense for performance share units awarded to certain key GPT employees. Income tax effect of the adjustments made at a blended federal and state statutory rate (approximately 25%).