ACQUISITION OF IWCO DIRECT (Tables)

9 Months Ended

Apr. 30, 2018

Summary of Preliminary Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair value of assets acquired and liabilities assumed at the date of the acquisition, and the adjustments required due to the correction of the error discussed in Note 2 to these Condensed Consolidated Financial Statements:

	As Previously Reported			Adjustments			As Revised
	(In thousands)
Accounts receivable	$	47,841		$	—		$	47,841
Inventory		27,165			5,590			32,755
Other current assets		7,427			—			7,427
Property and equipment		87,976			—			87,976
Intangible assets		210,920			—			210,920
Goodwill		259,085			(3,724	)		255,361
Other assets		3,040			—			3,040
Accounts payable		(31,069	)		—			(31,069	)
Accrued liabilities and other current liabilities		(35,790	)		(24,009	)		(59,799	)
Customer deposits		(7,829	)		—			(7,829	)
Deferred income taxes		(79,918	)		4,143			(75,775	)
Other liabilities		(19,627	)		18,000			(1,627	)
Total consideration	$	469,221		$	—		$	469,221

Summary of Pro Forma Information

A reduction to interest expense is also reflected in the pro forma results to reflect the more favorable terms obtained with the new Credit Facility as compared to the interest rate under the former facility carried by IWCO:

	Three Months Ended						Nine Months Ended
	April 30,						April 30,
	2018			2017			2018		2017
	(In thousands)						(In thousands)
Net revenue	$	187,369		$	204,716		$	620,377	$	671,695
Net income (loss)	$	(16,449	)	$	(11,660	)	$	43,339	$	(35,929	)