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Acquisition (Tables)

6 Months Ended

Aug. 03, 2024

Business Combinations [Abstract]

Schedule of Fair Value of the Consideration Transferred as of the Acquisition Closing Date

A summary of the fair value of the consideration transferred as of the acquisition closing date is presented in the table below:

(In thousands)
Cash Paid at Closing		$	18,732
Holdback Amount (a)			742
Fair Value of the Earnout			1,619
Total Purchase Price		$	21,093

a)The holdback amount is expected to be paid out in full over the next two years.

Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value

(In thousands)
Cash		$	364
Accounts Receivable			3,989
Inventory			3,807
Prepaid Expenses and Other Current Assets			301
Property, Plant and Equipment			4,802
Other Long-Term Assets			5,154
Identifiable Intangible Assets			9,556
Goodwill			10,629
Accounts Payable and Other Current Liabilities			(4,225	)
Debt Assumed			(7,918	)
Other Long-Term Liabilities			(5,366	)
Total Purchase Price		$	21,093

Summary of Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives

The following table reflects the preliminary fair value of the acquired identifiable intangible asset and related estimated useful lives:

(In thousands)		Fair Value				Useful Life (years)
Customer Relations		$	8,786				10
Trademarks/Tradenames			488				3
Internally Developed Software			282				6
Total		$	9,556

Summary of Revenue and Earnings Before Taxes

The amounts of revenue and earnings before taxes attributable to MTEX and included in our consolidated statements of income (loss) for the three and six months ended August 3, 2024 were as follows:

		Three Months Ended					Six Months Ended
(In thousands)		August 3, 2024					August 3, 2024
Revenue		$	768				$	768
Earnings (Loss) before Taxes		$	(1,754	)			$	(1,754	)

X

- 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/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-SubTopic 10
-Topic 805
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-SubTopic 10
-Topic 805
-Publisher FASB
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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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
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- Definition

Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period.

+ References

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-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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