Business Combinations (Tables)

6 Months Ended

Mar. 31, 2017

Schedule of Business Acquisitions, by Acquisition

e allocated total acquisition consideration and the finalized allocation of fair value to the related assets and liabilities as follows:



(Amounts in thousands)
Cash	$	36,720
Common stock, fair value	2,500
Total Consideration	$	39,220

(Amounts in thousands)
Net assets acquired
Cash and cash equivalents	$	4,009
Accounts receivable	5,712
Other current assets	444
Total current assets	10,165
Accounts payable and accrued expenses	(5,013		)
Payroll liabilities	(1,432		)
Net working capital surplus	3,720

Property and equipment, net	403
Intangible assets:
Customer relationships	16,626
Covenant not to compete	480
Trade name	517
Other long term assets	81
Net identifiable assets acquired	18,107
Goodwill	17,393
Net assets acquired	$	39,220

Business Acquisition, Pro Forma Information

The pro forma results presented below include amortization charges for acquired intangible assets and adjustments to interest expense incurred and exclude related acquisition expenses.



	(in thousands)				(in thousands)
	Three Months Ended				Six Months Ended
	March 31,				March 31,
Pro forma results	2017		2016		2017		2016
Revenue	$	29,905	$	28,987	$	56,016	$	57,495
Net income	$	979	$	821	$	1,303	$	426

Number of shares outstanding - basic	11,249		11,098		11,225		11,023
Number of shares outstanding - diluted	12,745		12,047		12,713		11,921

Basic earnings per share	$	0.09	$0.07		$0.12		$0.04
Diluted earnings per share	$	0.08	$0.07		$0.10		$0.04