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Business Combination (Notes)
 6 Months Ended
Jun. 30, 2015
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]
5. Acquisition of CPI
To further increase process capabilities and to diversify the customer base, on March 20, 2015, the Company acquired substantially all of the assets of CPI Binani, Inc., a wholly owned subsidiary of Binani Industries Limited, located in Winona, Minnesota (“CPI”) for a cash purchase price $15,000,000. The purchase price was subject to working capital adjustments resulting in a reduction in the purchase price of $488,000.
Cash paid at closing was financed through borrowings under the Company's existing credit facility, as amended and further described in Note 8 below.
Consideration was allocated to assets acquired and liabilities assumed based on their fair values as of the acquisition date as follows:
Accounts Receivable
 
$
1,615,000

Inventory
 
675,000

Other Current Assets
 
171,000

Property and Equipment
 
12,474,000

Intangibles
 
650,000

Goodwill
 
1,306,000

Accounts Payable
 
(2,277,000
)
Other Current Liabilities
 
(102,000
)
 
 
$
14,512,000


The purchase price includes consideration for strategic benefits, including an assembled workforce, operational infrastructure and synergistic revenue opportunities, which resulted in the recognition of goodwill. The goodwill is deductible for income tax purposes.
The acquisition is not considered significant to the Company's consolidated balance sheet and results of operations. Accordingly, no pro-forma results are provided prior to the effective date of the acquisition. The Company incurred $303,000 of expense for the six months ended June 30, 2015 associated with the acquisition, which is recorded in selling general and administrative expense.