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Purchase of Palmer of Texas (Tables) | 12 Months Ended
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Dec. 29, 2012
Business Combinations [Abstract] |
Schedule of fair value of the assets acquired and liabilities assumed | The current allocation of the total consideration paid to the fair value of the assets acquired and liabilities assumed is as follows:
|  |  | Purchase |  |
|  |  | accounting and |  |
| As recorded |  | fair value |  | As recorded
| by Palmer |  | adjustments |  | by Synalloy
Cash and cash equivalents | $ | 1,389,054 |  |  | $ | — |  |  | $ | 1,389,054 |
Accounts receivable, net | 4,969,030 |  |  | — |  |  | 4,969,030 |
Inventories, net | 5,678,368 |  |  | — |  |  | 5,678,368 |
Prepaid expenses | 75,804 |  |  | 1,536,000 |  |  | 1,611,804 |
Net fixed assets | 4,799,692 |  |  | 2,691,370 |  |  | 7,491,062 |
Goodwill | — |  |  | 15,897,948 |  |  | 15,897,948 |
Intangible asset - customer base | — |  |  | 9,000,000 |  |  | 9,000,000 |
Contingent consideration | — |  |  | (8,152,031 | ) |  | (8,152,031 | )
Other liabilities assumed | (6,833,315 | ) |  | (3,156,711 | ) |  | (9,990,026 | )
| $ | 10,078,633 |  |  | $ | 17,816,576 |  |  | $ | 27,895,209 |
Unaudited pro forma financial information | The unaudited pro forma financial information is for information purposes only and is not necessarily indicative of what the results would have been had the acquisition been completed on the date indicated above.
Pro Forma (Unaudited)
| 2012 |  | 2011
Pro forma revenues | $ | 220,955,000 |  |  | $ | 202,689,000 |
Pro forma net income | 5,537,000 |  |  | 6,478,000 |
Earnings per share: |  |  |  |  |
Basic | $ | 0.87 |  |  | $ | 1.03 |
Diluted | 0.87 |  |  | 1.02 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 54 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 55 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -Subparagraph r(2, 3) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 51 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph F4 -Subparagraph e -Appendix F Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 52 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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