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HUBER PRECISION BUSINESS ACQUISITION
 6 Months Ended
Dec. 31, 2014
Business Combinations [Abstract]  
HUBER PRECISION BUSINESS ACQUISITION

NOTE 2. HUBER PRECISION BUSINESS ACQUISITION

 

As previously disclosed on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on December 4, 2014, we completed the acquisition of Huber Precision (“Huber”), a manufacturer of machined parts, primarily for the oil and electronics industry on December 1, 2014. The aggregate purchase price paid was $209,000.

 

We have accounted for this acquisition as a business combination. This method requires, among other things, that assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date. There were no liabilities assumed as part of the Huber acquisition. Pro forma historical results of operations related to the Huber acquisition during the six months ended December 31, 2014 have not been presented because they are not material to our condensed consolidated statements of operations and comprehensive income (loss). The results of operations related to the company acquired have been included in the Company’s consolidated statements of operations since the date Huber was acquired. For the period from December 1, 2014 to December 31, 2014, the revenues and earnings of Huber were not material.

 

The following table summarizes the allocation of the fair values of the assets acquired (in thousands):

 

    December 31,
2014
Inventory   $ 5  
Fixed Assets     37  
Covenant not to compete     30  
Customer list     137  
Total purchase price   $ 209