| Schedule of Fair Value of the Assets Acquired and Liabilities Assumed |
The table below summarizes the fair value of identifiable assets acquired and liabilities assumed in the Acquisition and the revisions made in 2022:
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
October 22, 2021 |
Revisions |
December 31, 2022 |
| Cash and cash equivalents |
$ |
1,533 |
|
|
$ |
1,533 |
|
Accounts receivable, net of allowance for credit losses of $118 |
5,358 |
|
|
5,358 |
|
| Inventories, net |
1,561 |
|
|
1,561 |
|
| Prepaid expenses and other current assets |
454 |
|
|
454 |
|
| Property, plant and equipment, net |
15,697 |
|
$ |
1,594 |
|
17,291 |
|
| Right of use asset, operating leases, net |
208 |
|
|
208 |
|
| Intangible assets, net |
5,750 |
|
|
5,750 |
|
| Total identifiable assets acquired |
30,561
|
|
1,594
|
|
32,155
|
|
|
|
|
|
| Accounts payable |
1,751 |
|
|
1,751 |
|
| Accrued expenses and other current liabilities |
1,622 |
|
|
1,622 |
|
| Current portion of operating lease liabilities |
51 |
|
|
51 |
|
| Current portion of finance lease liabilities |
215 |
|
|
215 |
|
| Deferred income taxes |
2,542 |
|
346 |
|
2,888 |
|
| Long-term portion of operating lease liabilities |
157 |
|
|
157 |
|
| Long-term portion of finance lease liabilities |
1,408 |
|
|
1,408 |
|
| Total identifiable liabilities assumed |
7,746
|
|
346
|
|
8,092
|
|
|
|
|
|
| Net identifiable assets acquired |
22,815 |
|
1,248 |
|
24,063 |
|
| Transaction price |
34,097 |
|
|
34,097 |
|
| Goodwill |
$ |
11,282
|
|
$ |
(1,248) |
|
$ |
10,034
|
|
|
| Schedule of Business Acquisitions, by Acquisition |
Total net sales and operating income for DanChem for the period from October 22, 2021 through December 31, 2022 were as follows:
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|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
2022 |
|
Period from
10/22/2021 - 12/31/2021 |
| Net sales |
$ |
32,297 |
|
|
$ |
5,692 |
|
| Operating income |
$ |
115 |
|
|
$ |
621 |
|
|
| Schedule of Unaudited Pro Forma Financial Information |
The following unaudited consolidated pro forma summary has been prepared by adjusting the Company's historical data to give effect to the acquisition of DanChem as if it had occurred on January 1, 2021:
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|
|
|
|
|
|
|
| (unaudited) |
Year Ended December 31, 2021 |
|
|
| (in thousands, except per share data) |
|
|
| Net sales |
$ |
358,735 |
|
|
|
| Net income |
21,681 |
|
|
|
| Basic net income per common share |
2.32 |
|
|
|
| Diluted net income per common share |
$ |
2.29 |
|
|
|
|