Acquisition of Professional Power Products, Inc. (Tables)

6 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

Summary of Estimates of Fair Value of the Assets Acquired and the Liabilities Assumed as of the Acquisition Date

The purchase price for this acquisition has been provisionally allocated to the assets acquired and liabilities assumed based on their estimated fair values as follows:

	April 1, 2014 (Date of Acquisition)
Assets acquired:
Cash	$	1,277
Accounts receivable		3,989
Inventories		5,073
Prepaid expenses and other current assets		243
Property, plant & equipment		2,596
Total tangible assets	$	13,178
Intangible assets:
Intangible assets	$	23,500
Goodwill		22,372
Total assets acquired	$	59,050
Liabilities assumed:
Accounts payable	$	1,494
Accrued liabilities		3,257
Total liabilities assumed	$	4,751
Net assets acquired	$	54,299

Estimated Useful Lives of Identifiable Intangible Assets

The identifiable intangible assets as a result of the acquisition will be amortized over their respective estimated useful lives as follows:

	Asset amount		Estimated life
Backlog	$	1,200	18 months
Customer relationships		20,600	13 years
Trade names and trademarks		1,700	13 years
Total identifiable intangible assets	$	23,500

Summary of Supplemental Pro Forma Information

The following supplemental pro forma information presents the financial results as if the transaction had occurred on January 1, 2013 as follows:

	Three months ended			Six months ended
	June 30,  2013			June 30,  2014		June 30,  2013
Net sales	$	67,567		$	155,293	$	128,699
Net (loss) income	$	(2,343	)	$	6,199	$	(4,684	)
(Loss) earnings per share, basic	$	(0.25	)	$	0.59	$	(0.51	)
(Loss) earnings per share, diluted	$	(0.25	)	$	0.56	$	(0.51	)