Information of Company's Results of Operations

The following unaudited pro forma information represents the Company’s results of operations as if the HEE, SAT, Emtrol, and Zhongli acquisitions had occurred as of January 1, 2013, and the Met-Pro and Aarding acquisitions had occurred as of January 1, 2012:


	Year Ended December 31,
(Table only in thousands)	2014		2013		2012
Net sales	$	335,101	$	337,767	$	281,345
Net income	$	16,619	$	15,958	$	12,933
Earnings per share:
Basic	$	0.64	$	0.67	$	0.55
Diluted	$	0.62	$	0.61	$	0.51

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the approximate fair values of the assets acquired and liabilities assumed at the date of closing.


(Table only in thousands)
Current assets (including cash of $1,025)	$	16,223
Property and equipment		1,477
Goodwill		3,757
Intangible – finite life, net		4,262
Intangible – indefinite life		960

Total assets acquired		26,679
Current liabilities assumed		(845	)
Deferred tax liabilities		(1,739	)

Net assets acquired	$	24,095

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the approximate fair values of the assets acquired and liabilities assumed at the date of closing.


(Table only in thousands)
Current assets (including cash of $1,738)	$	11,285
Property and equipment		125
Goodwill		23,635
Intangible – finite life, net		12,890

Total assets acquired		47,935
Current liabilities assumed		(10,173	)

Net assets acquired	$	37,762

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the approximate fair values of the assets acquired and liabilities assumed at the date of closing.


(Table only in thousands)
Current assets	$	1,831
Property and equipment		10
Goodwill		1,602
Intangible – finite life, net		840
Intangible – indefinite life		260

Total assets acquired		4,543
Current liabilities assumed		(1,868	)
Deferred tax liabilities		(275	)

Net assets acquired	$	2,400

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the approximate fair values of the assets acquired and liabilities assumed at the date of closing.


(Table only in thousands)
Current assets	$	913
Property and equipment		158
Goodwill		5,644
Intangible – finite life, net		2,690
Intangible – indefinite life		510

Total assets acquired		9,915
Current liabilities assumed		(415	)

Net assets acquired	$	9,500

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing after the Company finalized purchase accounting during 2014.


(Table only in thousands)
Current assets	$	15,062
Property and equipment		959
Goodwill		7,595
Intangible – finite life, net		13,477
Intangible – indefinite life		2,865

Total assets acquired		39,958
Current liabilities assumed		(8,277	)
Deferred income tax liability		(4,086	)

Net assets acquired	$	27,595

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing after the Company finalized purchase accounting during 2014.


(Table only in thousands)
Current assets	$	68,766
Property and equipment		15,773
Other assets		1,375
Assets held for sale (a)		10,886
Goodwill		106,726
Intangible – finite life, net		35,810
Intangible – indefinite life		11,910

Total assets acquired		251,246
Current liabilities assumed		(13,638	)
Deferred income tax liability		(28,958	)
Long term liabilities assumed		(6,078	)

Net assets acquired	$	202,572

(a)

The assets held for sale consists of primarily real property, and are valued at the estimated proceeds less cost to sell. The Company has not recorded a gain or loss on the classification of the subject assets to Held for Sale. The Company expects to complete the sale of the subject assets within the next twelve months.