Business Combination

9 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Business Combination

Note 8 – Business Combination

On June 2, 2014, the Company purchased certain assets of First Aid Only, Inc. (“First Aid Only”), a supplier of Smart Compliance® first aid kits, refills, and safety products that meet regulatory requirements for a broad range of industries. The Company purchased inventory, accounts receivable, equipment, patents, trademarks and other intellectual property for approximately $13.8 million (including assumed liabilities) using funds borrowed under its revolving credit facility with HSBC.

The purchase price was allocated to assets acquired and liabilities assumed as follows (in thousands):

Assets:
Accounts Receivable	$	2,544
Inventory		1,704
Equipment		463
Prepaid expenses		110
Customer Relationships		5,430
Trade Name		3,410
Covenant Not-to-Compete		70
Goodwill		1,340
Total assets	$	15,071

Liabilities
Accounts Payable	$	1,019
Accrued Expense		252
Total liabilities	$	1,271

Assuming First Aid Only was acquired on January 1, 2014, unaudited proforma combined net sales for the nine months ended September 30, 2014 for the Company would have been approximately $89.6 million. Unaudited proforma combined net income for nine months ended September 30, 2014 for the Company would have been approximately $4.3 million.