SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2016

22. SUBSEQUENT EVENTS

On February 1, 2017, the Company acquired all of the outstanding equity interests in Red Wolf Company, LLC, a North Carolina limited liability company (“Red Wolf”), a fabricator, kitter and assembler of industrial systems primarily supporting the global gas turbine market, for approximately $16,500 paid at closing, and up to $9,900 in contingent consideration payable in cash and, at the election of the Company, up to 50% in the form of shares of the Company’s common stock. The operations of Red Wolf will be reported in a new Process Systems segment of the Company.

As of February 22, 2017, the initial accounting for the business combination has not been completed, including the measurement of certain intangible assets and goodwill. Acquisition costs for the Red Wolf acquisition were $135.

The amounts of pro forma, unaudited net revenues and net income (loss) of the combined entity, before the impact of purchase accounting, had the acquisition date been January 1, 2015 are as follows:


Period	Net revenues	Net income (loss)
For the Year Ended 2016	$ 213,218	$ 6,274
For the Year Ended 2015	$ 222,501	$ (18,963)