Acquisitions (Tables) - BTI Acquisition

6 Months Ended

Oct. 31, 2015

Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated allocation of the purchase price for BTI at the acquisition date, which includes the net assets from the Hooyman Acquisition, as well as measurement period adjustments to date (in thousands):

	December 11, 2014		Measurement
	(As Initially		Period				December 11, 2014
	Reported)		Adjustments				(As Adjusted)
Cash	$	24	$	—			$	24
Accounts receivable		7,873			3			7,876
Inventories		12,819			107			12,926
Income tax receivable		393			(279	)		114
Other current assets		563		—				563
Property, plant, and equipment		2,826			(318	)		2,508
Intangibles		73,550			(1,000	)		72,550
Goodwill		62,142			143			62,285
Total assets acquired		160,190			(1,344	)		158,846
Accounts payable		1,647			2			1,649
Accrued expenses		326			16			342
Accrued payroll		904		—				904
Accrued taxes other than income		9		—				9
Deferred income taxes		21,128			(647	)		20,481
Total liabilities assumed		24,014			(629	)		23,385
	$	136,176	$		(715	)	$	135,461

Identifiable Intangible Assets Acquired and Respective Estimated Lives

The following are the identifiable intangible assets acquired (in thousands) and their respective weighted average lives:

			Weighted Average
			Life
	Amount		(In years)
Developed technology	$	16,430		4.3
Customer relationships		25,280		4.4
Trade names		30,740		5.4
Order backlog		100		0.3
	$	72,550

Unaudited Pro Forma Results of Operations

The following table reflects the unaudited pro forma results of operations assuming that the BTI Acquisition had occurred on May 1, 2014 (in thousands, except per share data):

	For the Three		For the Six
	Months Ended		Months Ended
	October 31, 2014		October 31, 2014
Net sales	$	122,895	$	265,311
Net income		5,472		17,444
Net income per share - diluted		0.10		0.31