Acquisition of Professional Power Products, Inc. (Tables)

9 Months Ended

Sep. 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 (As initially reported)		Measurement period adjustment			April 1, 2014 (As adjusted)
Assets acquired:
Cash	$	1,277	$	—		$	1,277
Accounts receivable		3,989		—			3,989
Inventories		5,073		(120	)		4,953
Prepaid expenses and other current assets		243		—			243
Property, plant & equipment		2,596		—			2,596
Total tangible assets		13,178		(120	)		13,058
Intangible assets:
Intangible assets		23,500		—			23,500
Goodwill		22,372		965			23,337
Total assets acquired		59,050		845			59,895
Liabilities assumed:
Accounts payable		1,494		—			1,494
Accrued liabilities		3,257		845			4,102
Total liabilities assumed		4,751		845			5,596
Net assets acquired	$	54,299	$	—		$	54,299

Estimated Useful Lives of Identifiable Intangible Assets

The identifiable intangible assets and their respective estimated useful lives or amortization period are 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 September 30, 2013			Nine months ended
				September 30, 2014		September 30, 2013
Net sales	$	73,145		$	249,265	$	201,844
Net (loss) income	$	(9,980	)	$	14,304	$	(14,664	)
(Loss) earnings per share, basic	$	(0.97	)	$	1.34	$	(1.54	)
(Loss) earnings per share, diluted	$	(0.97	)	$	1.18	$	(1.54	)