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Global Thermoelectric Acquisition (Tables)

6 Months Ended

Jun. 30, 2014

The preliminary allocation as of April 1, 2014 was as follows:


Accounts receivable	$	10,200
Inventory		6,487
Deferred income tax assets, net		3,499
Order backlog		815
Prepaid expenses and other assets		258
Property and equipment		716
Customer relationships		5,524
Technology		2,807
Trade name		725
Goodwill		6,601
Assumed liabilities		(6,530	)

Net assets acquired		31,102
Cash acquired		3,061

Purchase price	$	34,163

Supplemental Pro Forma Information

The unaudited pro forma combined historical results for the amounts of GTE’s revenue and earnings that would have been included in the Company’s consolidated condensed statements of income had the acquisition date been January 1, 2014 or January 1, 2013 are as follows:

	Three Months Ended June 30,		Six Months Ended June 30,
	2013		2014		2013
Product revenues	$	170,846	$	413,131	$	325,084
Net income		4,533		34,880		11,824

Schedule of Intangible Assets

Intangible assets, net consisted of the following (balances are higher as of June 30, 2014 than as of April 1, 2014, the acquisition date, due to fluctuations in foreign currency exchange rates totaling $362):

	June 30, 2014
	Gross Value		Accumulated Amortization			Net Value		Useful Life
Customer relationships	$	5,727	$	(119	)	$	5,608	12 yrs
Order backlog		845		(422	)		423	0.5 yrs
Technology		2,910		(73	)		2,837	10 yrs
Trade name		751		(54	)		697	3.5 yrs

Total	$	10,233	$	(668	)	$	9,565

Summary of Amortization Expense

Amortization expense of $649 for the three and six months ended June 30, 2014 respectively, was recorded as follows:

	Three and Six Months Ended June 30, 2014
Product revenues	$	(116	)
Selling, general and administrative expense		533

Summary of Amortization Expense for Prospective Five Years

Amortization expense for the prospective five years is estimated to be as follows:

July 1, 2014 through December 31, 2014	$	914
2015		983
2016		983
2017		929
2018		768

Summary of Property, Plant and Equipment

Property and equipment consist of the following:

Asset category	Useful life	Amount
Land	Indefinite	$	15
Buildings	20 yrs		81
Leasehold improvements	5-7 yrs		28
Machinery and equipment	2-5 yrs		423
Computer hardware and software	3-5 yrs		169

		$	716