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Note 10 - Acquisitions | 3 Months Ended
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May 31, 2012
Mergers, Acquisitions and Dispositions Disclosures [Text Block] |
(10) | Acquisitions
On May 10, 2012, the Company acquired the assets of Universal Harvester Co., Inc. consisting of inventory, equipment, land, building, goodwill and intangible assets. The acquisition-date fair value of the total consideration transferred was approximately $3,066,000 consisting of $3,030,450 of current and future cash to be paid and $35,550 of common stock. Under the terms of the purchase agreement, cash in the amount $3,003,565 was paid on May 11, 2012 and $27,427 of cash will be paid on real estate taxes accrued but due on the land and building in future periods. The Company issued 5,000 shares of Common stock valued at $35,550 based on the closing market price as of May 10, 2012. The operating results of the acquired business are reflected in the Company’s consolidated statement of operations from the acquisition date forward. The acquisition was made to continue the Company’s growth strategy and diversify its product offerings inside the agricultural industry. The purchase price was determined based on an arms-length negotiated value. The transaction is being accounted for under the acquisition method of accounting, with the purchase price allocated to the individual assets acquired. The purchase price allocation is preliminary and is subject to change once a final valuation is complete. The consideration has been allocated as follows:
Inventories |  | $ | 902,589 |
Equipment, tools and dies |  |  | 364,053 |
Goodwill and intangible assets |  |  | 699,900 |
Land and Building |  |  | 1,100,000 |
Total |  |  | 3,066,542 |
The unaudited pro forma information for the periods set forth below gives effect to the acquisition as if it had occurred at the beginning of fiscal year starting December 1, 2011. The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisition been consummated as of that time or that may result in the future:
|  | Three Months Ended May 31, 2012 |  |  | Three Months Ended May 31, 2011 |  |  | Six Months Ended May 31, 2012 |  |  | Six Months Ended May 31, 2011 |
Net Sales from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |
As Reported |  | $ | 11,685,169 |  |  | $ | 7,845,150 |  |  | $ | 17,997,383 |  |  | $ | 12,509,488 |
Pro Forma |  | $ | 13,034,629 |  |  | $ | 9,136,598 |  |  | $ | 20,251,475 |  |  | $ | 14,547,079 |
Net Income and Net Income from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As Reported |  | $ | 935,981 |  |  | $ | 290,749 |  |  | $ | 1,129,479 |  |  | $ | (193,828 | )
Pro Forma |  | $ | 997,725 |  |  | $ | 349,047 |  |  | $ | 1,220,574 |  |  | $ | (114,548 | )
Basic net income per share from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As Reported |  | $ | 0.23 |  |  | $ | 0.07 |  |  | $ | 0.28 |  |  | $ | (0.05 | )
Pro Forma |  | $ | 0.25 |  |  | $ | 0.09 |  |  | $ | 0.30 |  |  | $ | (0.03 | )
Diluted net income per share from continuing operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As Reported |  | $ | 0.23 |  |  | $ | 0.07 |  |  | $ | 0.28 |  |  | $ | (0.05 | )
Pro Forma |  | $ | 0.25 |  |  | $ | 0.09 |  |  | $ | 0.30 |  |  | $ | (0.03 | )
Basic |  |  | 4,031,439 |  |  |  | 4,017,852 |  |  |  | 4,029,825 |  |  |  | 4,014,102 |
Diluted |  |  | 4,047,787 |  |  |  | 4,047,678 |  |  |  | 4,047,346 |  |  |  | 4,014,102 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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