ACQUISITION (Tables)

12 Months Ended

Dec. 31, 2012

Pro forma consolidated operating results

On December 28, 2012, the Company acquired all of the outstanding equity of Valent Aerostructures, LLC, ("Valent"), a provider of complex sub-assemblies and machined parts to airframe manufacturers in the commercial aerospace, business and regional, and military industries, is headquartered in Kansas City, Missouri, and was accounted for under the acquisition method of accounting. Concurrent with the acquisition, the Company entered into a new credit agreement to fund the majority of the purchase price as described in Note 9 below. The Company also issued $15,000 in common stock. Operating results of Valent, which are not material to the Company's operations, have been included in the Company's Aerostructures segment from the date of acquisition, and acquisition related costs of $4,860 were included in acquisitions expense. The following table presents unaudited pro forma consolidated operating results for the Company for the years ended December 31, 2012 and 2011, as if Valent had been acquired as of the beginning of the periods presented:

	December 31,
	2012		2011

Net sales	$	386,402	$	340,551
Net income		12,899		10,152

Summary of purchase price allocation

The following table summarizes the preliminary purchase price allocation for Valent at the date of acquisition:

Cash	$	44
Accounts receivable		16,507
Inventory		27,978
Prepaid expenses and other current assets		640
Fixed assets		55,593
Intangible assets		46,546
Other long-term assets		1,575
Goodwill		123,584
Current liabilities assumed		(19,820	)
Long-term liabilities assumed		(23,118	)
Cost of acquisition	$	229,529

The Company performed a valuation analysis to determine amounts allocated to the acquired assets and assumed liabilities, including various intangible assets. The following table summarizes the purchase price allocation for TASS at the date of acquisition:

Cash	$	617
Accounts receivable		1,979
Other assets		175
Fixed assets		196
Intangible assets		2,247
Goodwill		6,628
Current liabilities assumed		(1,362	)
Cost of acquisition	$	10,480