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Global Thermoelectric Acquisition (Tables)

9 Months Ended

Sep. 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 GPT’s revenue and earnings that would have been included in the Company’s consolidated condensed statements of income had the acquisition date been July 1, 2013 for the three months ended September 30, 2013 period, January 1, 2014 for the nine months ended September 30, 2014 period or January 1, 2013 for the nine months ended September 30, 2013 period are as follows:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2013		2014		2013
Product revenues	$	176,272	$	619,143	$	501,307
Net income		6,735		52,168		19,742

Schedule of Intangible Assets

Intangible assets, net consisted of the following (balances are lower as of September 30, 2014 than as of April 1, 2014, the acquisition date, due to fluctuations in foreign currency exchange rates totaling $120):

	September 30, 2014
	Gross Value		Accumulated Amortization			Net Value		Useful Life
Customer relationships	$	5,457	$	(230	)	$	5,227	12 yrs
Order backlog		805		(805	)		—	0.5 yrs
Technology		2,773		(140	)		2,633	10 yrs
Trade name		716		(103	)		613	3.5 yrs

Total	$	9,751	$	(1,278	)	$	8,473

Summary of Amortization Expense

Amortization expense of $667 and $1,316 for the three and nine months ended September 30, 2014 respectively, was recorded as follows:


		Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014
Product revenues	$	(119	)	$	(235	)
Selling, general and administrative expense		548			1,081

Summary of Amortization Expense for Prospective Five Years

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

October 1, 2014 through December 31, 2014	$	234
2015		937
2016		937
2017		885
2018		732

Summary of Property 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