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Business Combination
 6 Months Ended
Jun. 30, 2015
Business Combinations [Abstract]  
Business Combination

Note 8 – Business Combination

 

On June 2, 2014, the Company purchased certain assets of First Aid Only, Inc. (“First Aid Only”), a supplier of Smart Compliance® first aid kits, refills, and safety products that meet regulatory requirements for a broad range of industries. The Company purchased inventory, accounts receivable, equipment, patents, trademarks and other intellectual property for approximately $13.8 million (including assumed liabilities) using funds borrowed under its revolving credit facility with HSBC.

 

The purchase price was allocated to assets acquired and liabilities assumed as follows (in thousands):

 

Assets:     
Accounts Receivable  $2,544 
Inventory   1,704 
Equipment   463 
Prepaid expenses   110 
Customer Relationships   5,430 
Trade Name   3,410 
Covenant Not-to-Compete   70 
Goodwill   1,340 
Total assets  $15,071 

 

Liabilities     
Accounts Payable  $1,019 
Accrued Expense   252 
Total liabilities  $1,271 

 

 

Assuming First Aid Only was acquired on January 1, 2014, unaudited proforma combined net sales for the three and six months ended June 30, 2014 for the Company would have been approximately $36.7 million and $59.6 million, respectively. Unaudited proforma combined net income for the three and six months ended June 30, 2014 for the Company would have been approximately $2.7 million and $3.1 million, respectively.