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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Schedule of Fair Value of the Assets Acquired and Liabilities Assumed | The following table shows the initial estimate of value and revisions made during 2018:
(in thousands) | Initial estimate |  | Revisions |  | Final
Inventories | $ | 2,746 |  |  | $ | — |  |  | 2,746 |
Accounts Receivable | 2,187 |  |  | — |  |  | 2,187 |
Other current assets - production and maintenance supplies | 747 |  |  | — |  |  | 747 |
Property, plant and equipment | 4,883 |  |  | — |  |  | 4,883 |
Customer list intangible | 1,424 |  |  | (251 | ) |  | 1,173 |
Goodwill | 3,545 |  |  | 251 |  |  | 3,796 |
Earn-out Liability | (3,800 | ) |  | — |  |  | (3,800 | )
Accounts payable | (1,051 | ) |  | — |  |  | (1,051 | )
Other liabilities | (303 | ) |  | — |  |  | (303 | )
| $ | 10,378 |  |  | $ | — |  |  | $ | 10,378 |
The following table shows the initial estimate of value and revisions made during 2019:
(in thousands) | Initial estimate |  | Revisions |  | Final
Inventories | $ | 5,564 |  |  | $ | — |  |  | $ | 5,564 |
Accounts receivable | 3,534 |  |  | — |  |  | 3,534 |
Other current assets - production and maintenance supplies | 605 |  |  | — |  |  | 605 |
Property, plant and equipment | 2,793 |  |  | — |  |  | 2,793 |
Customer list intangible | 10,000 |  |  | (496 | ) |  | 9,504 |
Goodwill | 7,044 |  |  | 714 |  |  | 7,758 |
Contingent consideration (earn-out liability) | (6,148 | ) |  | (218 | ) |  | (6,366 | )
Accounts payable | (1,400 | ) |  | — |  |  | (1,400 | )
Other liabilities | (97 | ) |  | — |  |  | (97 | )
| $ | 21,895 |  |  | $ | — |  |  | $ | 21,895 |
The following table shows the initial estimate of value and revisions made during 2017:
(in thousands) | Initial estimate |  | Revisions |  | Final
Inventories | $ | 5,434 |  |  | $ | — |  |  | $ | 5,434 |
Other current assets - production and maintenance supplies | 1,548 |  |  | — |  |  | 1,548 |
Equipment | 7,577 |  |  | — |  |  | 7,577 |
Customer list intangible | 992 |  |  | — |  |  | 992 |
Goodwill | 3,589 |  |  | 1,059 |  |  | 4,649 |
Earn-out liability | (3,604 | ) |  | (1,059 | ) |  | (4,664 | )
Other liabilities assumed | (583 | ) |  | — |  |  | (583 | )
| $ | 14,953 |  |  | $ | — |  |  | $ | 14,953 |
Schedule of Unaudited Pro Forma Financial Information | MUSA-Galvanized's results of operations since acquisition are reflected in the Company's consolidated statements of operations as follows:
(in thousands) | 2018
Net sales | $ | 11,877 |
Income before income taxes | 65 |
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)
(in thousands, except per share data) | 2018 |  | 2017
Pro-forma net sales | $ | 292,793 |  |  | $ | 225,376 |
Pro-forma net income (loss) | $ | 11,920 |  |  | $ | 21 |
Earnings (loss) per share: |  |  |
Basic | $ | 1.35 |  |  | n/a |
Diluted | $ | 1.34 |  |  | n/a |
ASTI's results of operations since acquisition are reflected in the Company's consolidated statements of operations as follows:
(in thousands) | 2019
Net sales | $ | 34,477 |
Income before income taxes | 2,690 |
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)
(in thousands, except per share data) | 2018
Pro-forma net sales | $ | 316,734 |
Pro-forma net income | $ | 13,420 |
Earnings per share: |
Basic | $ | 1.52 |
Diluted | $ | 1.51 |

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