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ACQUISITIONS (Tables)
6 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Components of Purchase Price Allocation

The following table summarizes the allocation of the CRS Purchase Price to assets acquired and liabilities assumed as of the acquisition date:

 

Purchase price allocation (in thousands)

 

As of

November 14, 2014

 

Cash and cash equivalents

 

$

219

 

Accounts Receivable

 

 

14,640

 

Inventories

 

 

9,627

 

Prepaid and Other Assets

 

 

753

 

Property and Equipment

 

 

192,738

 

Intangible Assets

 

 

56,200

 

Indemnity under Sales Agreement

 

 

14,810

 

Accounts Payable and Accrued Liabilities

 

 

(6,928

)

Obligations under Long-term Sales Agreements

 

 

(28,131

)

Asset Retirement Obligation

 

 

(4,112

)

Deferred Taxes

 

 

(13,765

)

Total Net Assets

 

 

236,051

 

Goodwill

 

 

-

 

Total Estimated Purchase Price

 

$

236,051

 

 

 

 

 

 

 

Summary of Preliminary Fair Value Estimates of Identifiable Intangible Assets and Weighted-Average Useful Lives

The following table is a summary of the preliminary fair value estimates of the identifiable intangible assets (in thousands) and their weighted-average useful lives:

 

 

 

Weighted

Average Life

 

 

Estimated

Fair Value

 

Customer Relationships

 

 

4

 

 

 

56,000

 

Permits

 

 

40

 

 

 

200

 

Total Intangible Assets

 

 

 

 

 

$

56,200

 

 

 

 

 

 

 

 

 

 

 

Net Sales and Operating Loss of CRS Proppants

The following table presents the net sales and operating loss of CRS Proppants that have been included in our consolidated statement of earnings from April 1, 2015 through September 30, 2015:

 

 

 

Three Months Ended September 30,
2015

 

 

Six Months Ended September  30,
2015

 

 

 

(dollars in thousands)

 

Revenues

 

$

12,455

 

 

$

31,224

 

Operating Loss

 

 

(41,257

)

 

 

(46,066

)

 

Unaudited Pro Forma Results

 

 

 

Three Months Ended September 30,
2014

 

 

Six Months Ended September  30,
2014

 

 

 

(dollars in thousands)

 

Revenues

 

$

319,179

 

 

$

597,932

 

Net Income

 

$

60,669

 

 

$

91,868

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

$

1.22

 

 

$

1.85

 

Earnings per share - diluted

 

$

1.20

 

 

$

1.82