| Schedule of Fair Value of the Assets Acquired and Liabilities Assumed |
The following table shows the initial estimate of value and revisions made during 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
Initial estimate |
|
Revisions |
|
Final |
Inventories |
$ |
2,746 |
|
|
$ |
— |
|
|
2,746 |
|
Accounts Receivable |
2,187 |
|
|
— |
|
|
2,187 |
|
Other current assets - production and maintenance supplies |
747 |
|
|
— |
|
|
747 |
|
Property, plant and equipment |
4,883 |
|
|
— |
|
|
4,883 |
|
Customer list intangible |
1,424 |
|
|
(251 |
) |
|
1,173 |
|
Goodwill |
3,545 |
|
|
251 |
|
|
3,796 |
|
Earn-out Liability |
(3,800 |
) |
|
— |
|
|
(3,800 |
) |
Accounts payable |
(1,051 |
) |
|
— |
|
|
(1,051 |
) |
Other liabilities |
(303 |
) |
|
— |
|
|
(303 |
) |
|
$ |
10,378 |
|
|
$ |
— |
|
|
$ |
10,378 |
|
The following table shows the initial estimate of value and revisions made during 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
Initial estimate |
|
Revisions |
|
Final |
Inventories |
$ |
5,564 |
|
|
$ |
— |
|
|
$ |
5,564 |
|
Accounts receivable |
3,534 |
|
|
— |
|
|
3,534 |
|
Other current assets - production and maintenance supplies |
605 |
|
|
— |
|
|
605 |
|
Property, plant and equipment |
2,793 |
|
|
— |
|
|
2,793 |
|
Customer list intangible |
10,000 |
|
|
(496 |
) |
|
9,504 |
|
Goodwill |
7,044 |
|
|
714 |
|
|
7,758 |
|
Contingent consideration (earn-out liability) |
(6,148 |
) |
|
(218 |
) |
|
(6,366 |
) |
Accounts payable |
(1,400 |
) |
|
— |
|
|
(1,400 |
) |
Other liabilities |
(97 |
) |
|
— |
|
|
(97 |
) |
|
$ |
21,895 |
|
|
$ |
— |
|
|
$ |
21,895 |
|
The following table shows the initial estimate of value and revisions made during 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
Initial estimate |
|
Revisions |
|
Final |
Inventories |
$ |
5,434 |
|
|
$ |
— |
|
|
$ |
5,434 |
|
Other current assets - production and maintenance supplies |
1,548 |
|
|
— |
|
|
1,548 |
|
Equipment |
7,577 |
|
|
— |
|
|
7,577 |
|
Customer list intangible |
992 |
|
|
— |
|
|
992 |
|
Goodwill |
3,589 |
|
|
1,059 |
|
|
4,649 |
|
Earn-out liability |
(3,604 |
) |
|
(1,059 |
) |
|
(4,664 |
) |
Other liabilities assumed |
(583 |
) |
|
— |
|
|
(583 |
) |
|
$ |
14,953 |
|
|
$ |
— |
|
|
$ |
14,953 |
|
|
| 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:
|
|
|
|
|
(in thousands) |
2018 |
Net sales |
$ |
11,877 |
|
Income before income taxes |
65 |
|
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) |
(in thousands, except per share data) |
2018 |
|
2017 |
Pro-forma net sales |
$ |
292,793 |
|
|
$ |
225,376 |
|
Pro-forma net income (loss) |
$ |
11,920 |
|
|
$ |
21 |
|
Earnings (loss) per share: |
|
|
|
Basic |
$ |
1.35 |
|
|
n/a |
|
Diluted |
$ |
1.34 |
|
|
n/a |
|
ASTI's results of operations since acquisition are reflected in the Company's consolidated statements of operations as follows:
|
|
|
|
|
(in thousands) |
2019 |
Net sales |
$ |
34,477 |
|
Income before income taxes |
2,690 |
|
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) |
(in thousands, except per share data) |
2018 |
Pro-forma net sales |
$ |
316,734 |
|
Pro-forma net income |
$ |
13,420 |
|
Earnings per share: |
|
Basic |
$ |
1.52 |
|
Diluted |
$ |
1.51 |
|
|