Annual report pursuant to Section 13 and 15(d)

Purchase of Palmer of Texas (Tables)

v2.4.0.6
Purchase of Palmer of Texas (Tables)
 12 Months Ended
Dec. 29, 2012
Business Combinations [Abstract]  
Schedule of fair value of the assets acquired and liabilities assumed
The current allocation of the total consideration paid to the fair value of the assets acquired and liabilities assumed is as follows:
 
 
 
Purchase
 
 
 
 
 
accounting and
 
 

As recorded
 
fair value
 
As recorded
 
by Palmer
 
adjustments
 
by Synalloy
Cash and cash equivalents
$
1,389,054

 
$
—

 
$
1,389,054

Accounts receivable, net
4,969,030

 
—

 
4,969,030

Inventories, net
5,678,368

 
—

 
5,678,368

Prepaid expenses
75,804

 
1,536,000

 
1,611,804

Net fixed assets
4,799,692

 
2,691,370

 
7,491,062

Goodwill
—

 
15,897,948

 
15,897,948

Intangible asset - customer base
—

 
9,000,000

 
9,000,000

Contingent consideration
—

 
(8,152,031
)
 
(8,152,031
)
Other liabilities assumed
(6,833,315
)
 
(3,156,711
)
 
(9,990,026
)
 
$
10,078,633

 
$
17,816,576

 
$
27,895,209

Unaudited pro forma financial information
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)
 
2012
 
2011
Pro forma revenues
$
220,955,000

 
$
202,689,000

Pro forma net income
5,537,000

 
6,478,000

Earnings per share:


 


  Basic
$
0.87

 
$
1.03

  Diluted
0.87

 
1.02