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ACQUISITIONS | 3 Months Ended
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Mar. 31, 2019
Business Combinations [Abstract] |
ACQUISITIONS | ACQUISITIONS Zycron, Inc. On April 3, 2017, the Company acquired substantially all of the assets and assumed certain liabilities of Zycron, Inc. (“Zycron”) for an initial cash consideration paid of $18.5 million and issued $1.0 million (70,670 shares privately placed) of the Company's common stock at closing. An additional $0.5 million was held back as partial security for post-closing purchase price adjustments and indemnification obligations, which was paid on October 24, 2017 net of a working capital adjustment. The purchase agreement further provides for contingent consideration of up to $3.0 million based on the performance of the acquired business for the two years following the date of acquisition. The purchase agreement contained a provision for a “true up” of acquired working capital 120 days after the closing date. Thirteen and twenty-five weeks of Zycron operations are included in the thirteen and thirteen week periods ended April 1, 2018, which is approximately $9.0 million and $17.6 million, respectively, of revenue and $0.9 million and $1.6 million, respectively, of operating income. Smart Resources, Inc. On September 18, 2017, the Company acquired substantially all of the assets and assumed certain liabilities of Smart Resources, Inc. and Accountable Search, LLC (collectively, "Smart") for an initial cash consideration paid of $6.0 million. The purchase agreement provides for contingent consideration of up to $2.0 million based on the performance of the acquired business for the two years following the date of acquisition. The purchase agreement contained a provision for a “true up” of acquired working capital 90 days after the closing date. One week of Smart operations are included in the thirteen and thirteen week periods ended April 1, 2018, which is approximately $0.2 million of revenue and $-0- of operating income. Supplemental Unaudited Pro Forma Information The Company estimates that the revenues and net income for the periods below that would have been reported if the Zycron and Smart acquisitions had taken place on the first day of the Company's 2018 fiscal year would be as follows (dollars in thousands, except per share amounts):
|  | April 1, 2018
|  | Thirteen Weeks Ended |  | Thirteen Weeks Ended
Revenues |  | $ | 73,782 |  |  | $ | 214,659 |
Gross profit |  | $ | 19,196 |  |  | $ | 54,391 |
Net income |  | $ | 3,203 |  |  | $ | 6,992 |
Income per share: |  |  |  |
Basic |  | $ | 0.37 |  |  | $ | 0.80 |
Diluted |  | $ | 0.35 |  |  | $ | 0.78 |
Pro forma net income includes amortization of identifiable intangible assets, interest expense on additional borrowings on the Revolving Facility (as defined below) at a rate of 4.5% and tax expense of the pro forma adjustments at an effective tax rate of approximately 36.8% for Fiscal 2018. The pro forma information presented includes adjustments that will have a continuing impact on the operations that management considers non-recurring in assessing Zycron and Smart's historical performances. Amounts set forth above are not necessarily indicative of the results that would have been attained had the Zycron and Smart acquisitions taken place on the first day of the Company’s 2018 fiscal year or of the results that may be achieved by the combined enterprise in the future.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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