| Schedule of Preliminary Allocation of Total Consideration of Assets Acquired and Liabilities Assumed |
The preliminary allocation of the total consideration paid to the fair value of the assets acquired and liabilities assumed as of July 1, 2018 is as follows:
|
|
|
|
|
Inventories |
$ |
2,746,000 |
|
Accounts Receivable |
2,187,141 |
|
Other current assets - production and maintenance supplies |
746,729 |
|
Property, plant and equipment |
4,883,847 |
|
Customer list intangible |
1,424,000 |
|
Goodwill |
3,545,467 |
|
Contingent consideration |
3,800,298 |
|
Accounts Payable |
1,051,239 |
|
Other liabilities |
303,366 |
|
|
$ |
10,378,281 |
|
|
| Schedule of Pro-Forma and Results of Operations Since Acquisition |
MUSA-Galvanized's results of operations since acquisition are reflected in the Company's consolidated statements of operations as follows:
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|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
Sep 30, 2018 |
|
|
|
Sep 30, 2018 |
|
|
Net sales |
$ |
6,464,277 |
|
|
|
$ |
6,464,277 |
|
|
Income before income taxes |
9,859 |
|
|
|
9,859 |
|
|
MUSA-Stainless' results of operations since acquisition are reflected in the Company's consolidated statements of operations as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
Sep 30, 2018 |
|
|
Sep 30, 2017 |
|
|
Sep 30, 2018 |
|
|
Sep 30, 2017 |
|
Net sales |
$ |
13,553,571 |
|
|
$ |
8,675,104 |
|
|
$ |
39,292,813 |
|
|
$ |
17,087,030 |
|
Income (loss) before income taxes |
2,011,333 |
|
|
(559,078 |
) |
|
5,492,488 |
|
|
(114,601 |
) |
The unaudited pro-forma financial information is for information purposes only and is not necessarily indicative of what the results would have been had the acquisition been completed on the date indicated above.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-Forma (Unaudited) |
|
Three Months Ended |
|
Nine Months Ended |
|
Sept 30, 2018 |
|
|
Sept 30, 2017 |
|
|
Sept 30, 2018 |
|
|
Sept 30, 2017 |
|
Pro-forma net sales |
$ |
77,792,878 |
|
|
$ |
59,731,468 |
|
|
$ |
220,099,018 |
|
|
$ |
167,533,174 |
|
Pro-forma net income (loss) |
$ |
5,216,229 |
|
|
$ |
(1,505,613 |
) |
|
$ |
11,442,902 |
|
|
$ |
(690,066 |
) |
Earnings (loss) per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.59 |
|
|
$ |
(0.17 |
) |
|
$ |
1.30 |
|
|
$ |
(0.08 |
) |
Diluted |
$ |
0.58 |
|
|
$ |
(0.17 |
) |
|
$ |
1.29 |
|
|
$ |
(0.08 |
) |
|