Acquisitions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Acquisitions |
Acquisitions
On February 28, 2017, the Company's subsidiary Bristol Metals, LLC ("BRISMET"), acquired the stainless steel pipe and tube assets of MUSA located in Munhall, PA ("Bristol Metals-Munhall").
Bristol Metals-Munhall's results of operations since acquisition are reflected in the Company's consolidated statements of operations as follows:
Pre-tax loss for the second quarter of 2018 includes a $2,307,598 charge related to an increase in the fair value of the stainless steel earn-out liability during the period, as compared to a gain of $3,391 in the second quarter of 2017. For the six months ended June 30, 2018, charges related to the earn-out liability fair value adjustments totaled $2,461,658 as compared to a gain of $3,391 for the six months ended June 30, 2017.
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