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Etratech Acquisition (Tables) - Etratech Inc.

12 Months Ended

Dec. 31, 2018

The purchase price allocation was finalized during the first quarter of 2018. The allocation as of November 1, 2017 was as follows:


Accounts receivable	$	12,654
Inventory		7,014
Prepaid expenses and other assets		535
Property and equipment		6,205
Customer relationships		24,774
Technology		8,588
Goodwill		14,881
Assumed liabilities		(9,642	)

Net assets acquired		65,009
Cash acquired		670

Purchase price	$	65,679

Supplemental Pro Forma Information

The unaudited pro forma combined historical results including the amounts of Etratech revenue and earnings that would have been included in the Company’s consolidated statements of income had the acquisition date been January 1, 2017 or January 1, 2016 are as follows:

	Twelve Months Ended December 31,
	2017		2016
Product revenues	$	1,032,273	$	966,355
Net income	$	35,911	$	77,577
Basic earnings per share	$	0.98	$	2.13
Diluted earnings per share	$	0.98	$	2.12

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following:

	December 31, 2017
	Gross Value		Accumulated Amortization		Net Value		Useful Life
Customer relationships	$	24,774	$	358	$	24,416	8 -12 yrs
Technology		8,588		277		8,311	5 -6 yrs
Total	$	33,362	$	635	$	32,727

Summary of Amortization Expense

Amortization expense of $635 for the period November 1, 2017 through December 31, 2017 was recorded as follows

	Three Months Ended December 31, 2017		Twelve Months Ended December 31, 2017
Product revenues	$	358	$	358
Research and development expenses		277		277

Estimate of Total Intangible Asset Amortization

Amortization expense for the prospective five years is as follows:

2018	$	3,769
2019	$	3,769
2020	$	3,769
2021	$	3,706
2022	$	3,278

Summary of Property and Equipment

Property and equipment consist of the following:

Asset category	Useful life	Amount
Leasehold improvements	10 yrs	$	342
Machinery and equipment	4-11 yrs		5,248
Furniture and fittings	4 yrs		230
Motor Vehicles	3 yrs		25
Computer hardware and software	1 yrs		360

		$	6,205