Acquisition (Tables)

6 Months Ended

Jul. 04, 2020

Business Combinations [Abstract]

Schedule of Fair Value of Assets and Liabilities Assumed

The estimated fair value of assets acquired, and liabilities assumed as of the closing date, are as follows:

	Initial Allocation			Adjustments to Allocation			Final Allocation
Accounts receivable	$	10,294		$	(1,639	)	$	8,655
Inventories		3,757			(698	)		3,059
Contract assets, net		4,413			—			4,413
Prepaid expenses and other assets		1,756			—			1,756
Property and equipment		7,423			10			7,433
Operating lease right-of-use asset		10,578			—			10,578
Intangible assets		28,670			(1,300	)		27,370
Goodwill		46,200			3,707			49,907
Accounts payable		(6,621	)		—			(6,621	)
Accrued and other liabilities		(5,524	)		(80	)		(5,604	)
Operating lease liability		(10,578	)		—			(10,578	)
Purchase price	$	90,368		$	—		$	90,368
Consideration:
Cash	$	90,145		$	—		$	90,145
Due to Sellers	$	223		$	—			223
Total fair value of consideration	$	90,368		$	—		$	90,368

Summary of Unaudited Proforma Results

The unaudited pro forma results do not include the impact of synergies, nor any potential impacts on current or future market conditions which could alter the following unaudited pro forma results.

	Three Months Ended		Six Months Ended
	June 29,		July 4,		June 29,
	2019		2020		2019
			(unaudited)
Net sales	$	220,965		430,739		413,563
Net income	$	18,677		18,029		26,562
Net income per common share:
Basic	$	0.32	$	0.31	$	0.46
Diluted	$	0.32	$	0.30	$	0.45

Schedule for Valuation of Identifiable Intangible Assets Acquired and Estimate of Useful Lives

The valuation of the identifiable intangible assets acquired in the NewSouth Acquisition and our estimate of their respective useful lives are as follows:

								Initial
	Initial		Adjustment to			Current		Useful Life
	Valuation		Valuation			Valuation		(in years)
(in thousands)
Trade name	$	23,500	$	(1,300	)	$	22,200	15
Non-compete agreements		1,670		—			1,670	5
Developed technology		2,600		—			2,600	6
Customer-related intangible		900		—			900	<1
Other intangible assets, net	$	28,670	$	(1,300	)	$	27,370