Business Acquisitions

3 Months Ended

Jun. 30, 2012

Business Acquisitions

9. Business Acquisitions

On June 14, 2012, the Company acquired Eolite Systems, a designer and manufacturer of unique fiber lasers, for approximately $9.7 million in cash for all of their outstanding shares. The Company also incurred approximately $0.8 million in acquisition and integration related costs, which is included in Selling, service and administration expenses in the Condensed Consolidated Statements of Operations. Allocation of the purchase price to goodwill and identifiable assets is subject to the final determination of purchase price and valuation of the assets acquired and liabilities assumed. The Company preliminarily recorded approximately $5.5 million of identifiable intangible assets, $4.1 million of goodwill, $3.0 million of tangible assets, which included $0.5 million in cash and short-term investments, and assumed debt and other liabilities totaling approximately $2.9 million. The operating results of this acquisition are included in the Company’s results of operations since the date of acquisition. Pro forma financial information has not been provided for the acquisition of Eolite Systems as it was not material to the Company’s overall financial position.