| Schedule of Fair Value of the Assets Acquired and Liabilities Assumed |
The following table shows the initial estimate of value and revisions made during 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial |
|
|
|
|
|
estimate |
|
Revisions |
|
Final |
Inventories |
$ |
5,434,000 |
|
|
$ |
— |
|
|
$ |
5,434,000 |
|
Other current assets - production and maintenance supplies |
1,548,701 |
|
|
— |
|
|
1,548,701 |
|
Equipment |
7,576,733 |
|
|
— |
|
|
7,576,733 |
|
Customer list intangible |
992,000 |
|
|
— |
|
|
992,000 |
|
Goodwill |
3,589,342 |
|
|
1,059,453 |
|
|
4,648,795 |
|
Earn-out liability |
(3,604,330 |
) |
|
(1,059,453 |
) |
|
(4,663,783 |
) |
Other liabilities assumed |
(582,933 |
) |
|
— |
|
|
(582,933 |
) |
|
$ |
14,953,513 |
|
|
$ |
— |
|
|
$ |
14,953,513 |
|
The following table shows the initial estimate of value and revisions made during 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial |
|
|
|
|
|
estimate |
|
Revisions |
|
Final |
Inventories |
$ |
2,746,000 |
|
|
$ |
— |
|
|
2,746,000 |
|
Accounts Receivable |
2,187,141 |
|
|
— |
|
|
2,187,141 |
|
Other current assets - production and maintenance supplies |
746,729 |
|
|
— |
|
|
746,729 |
|
Property, plant and equipment |
4,883,847 |
|
|
— |
|
|
4,883,847 |
|
Customer list intangible |
1,424,000 |
|
|
(251,000 |
) |
|
1,173,000 |
|
Goodwill |
3,545,467 |
|
|
251,000 |
|
|
3,796,467 |
|
Earn-out Liability |
(3,800,298 |
) |
|
— |
|
|
(3,800,298 |
) |
Accounts payable |
(1,051,239 |
) |
|
— |
|
|
(1,051,239 |
) |
Other liabilities |
(303,366 |
) |
|
— |
|
|
(303,366 |
) |
|
$ |
10,378,281 |
|
|
$ |
— |
|
|
$ |
10,378,281 |
|
|
| Schedule of Unaudited Pro Forma Financial Information |
MUSA-Galvanized's results of operations since acquisition are reflected in the Company's consolidated statements of operations as follows:
|
|
|
|
|
|
2018 |
Net sales |
$ |
11,876,733 |
|
Income before income taxes |
64,971 |
|
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.
|
|
|
|
|
|
|
|
|
Pro-Forma (Unaudited) |
|
2018 |
|
2017 |
Pro-forma net sales |
$ |
292,793,331 |
|
|
$ |
225,375,581 |
|
Pro-forma net income (loss) |
$ |
11,920,277 |
|
|
$ |
20,960 |
|
Earnings (loss) per share: |
|
|
|
Basic |
$ |
1.35 |
|
|
n/a |
|
Diluted |
$ |
1.34 |
|
|
n/a |
|
|