Business Combinations (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Fair Values of Assets Acquired and Liabilities Assumed Purchase Price Allocation

The purchase price for Skyetek, Lincoln Laser and Applimotion was allocated as follows (in thousands):

	Amount
Cash	$	331
Accounts receivable		3,166
Inventory		3,544
Prepaid expenses and other current assets		148
Property and equipment		3,220
Intangible assets		11,370
Goodwill		12,710
Other assets		10
Total assets acquired		34,499

Accounts payable		1,681
Other liabilities		1,197
Deferred tax liabilities		2,308
Total liabilities assumed		5,186
Total assets acquired, net of liabilities assumed		29,313
Less: cash acquired		331
Plus: working capital adjustments		464
Total purchase price, net of cash acquired		29,446
Less: contingent consideration		3,459
Net cash used for acquisition of businesses	$	25,987

Fair Value of Intangible Assets

The fair value of intangible assets for Skyetek, Lincoln Laser and Applimotion is comprised of the following (dollar amounts in thousands):

			Weighted Average
	Estimated Fair		Amortization
	Value		Period
Customer relationships	$	4,266	12 years
Developed technology		4,993	10 years
Trademarks and trade names		593	9 years
Non-compete covenant		684	4 years
Backlog		834	1 year
Total	$	11,370

JADAK Acquisition

Summary of Fair Values of Assets Acquired and Liabilities Assumed Purchase Price Allocation

The final purchase price allocation is as follows (in thousands):


	Amount
Cash	$	1,140
Accounts receivable		7,907
Inventory		6,865
Property and equipment		904
Intangible assets		40,250
Goodwill		44,584
Other assets		2,064
Total assets acquired		103,714

Accounts payable		3,057
Other liabilities		2,380
Deferred tax liabilities		3,481
Total liabilities assumed		8,918
Total assets acquired and liabilities assumed		94,796
Less: cash acquired		1,140
Total purchase price, net of cash acquired	$	93,656

Fair Value of Intangible Assets

The fair value of JADAK intangible assets is comprised of the following (in thousands):

			Weighted Average
	Estimated Fair		Amortization
	Value		Period
Customer relationships	$	23,570	20 years
Developed technology		10,910	10 years
Trademarks and trade names		2,130	10 years
Backlog		1,810	1 year
Non-compete covenant		1,830	5 years
Total	$	40,250

Pro forma Financial Information

The following unaudited pro forma information presents the combined financial results for the Company and JADAK as if the acquisition of JADAK had been completed as of January 1, 2013 (in thousands, except per share information):


	Year Ended December 31,
	2014			2013
Revenue	$	375,737		$	370,462
Income (loss) from continuing operations	$	(16,067	)	$	11,900
Earnings per share from continuing operations - Basic	$	(0.47	)	$	0.35
Earnings per share from continuing operations - Diluted	$	(0.47	)	$	0.35

NDS Acquisition

Summary of Fair Values of Assets Acquired and Liabilities Assumed Purchase Price Allocation

The total final purchase price allocation for the NDS acquisition was as follows (in thousands):


	Amount
Accounts receivable	$	10,327
Inventory		14,144
Property and equipment		2,426
Intangible assets		37,817
Goodwill		21,160
Other assets		1,782
Total assets acquired		87,656

Accounts payable		4,768
Other liabilities		7,149
Deferred tax liabilities		384
Total liabilities assumed		12,301
Total purchase price	$	75,355

Fair Value of Intangible Assets

The fair value of NDS intangible assets is comprised of the following (in thousands):

			Weighted Average
	Estimated Fair		Amortization
	Value		Period
Customer relationships	$	22,294	20 years
Developed technology		6,689	10 years
Trademarks and trade names		7,565	20 years
Backlog		1,269	1 year
Total	$	37,817