Acquisition (Tables)

9 Months Ended

Oct. 03, 2020

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			Preliminary 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			4,625			50,825
Accounts payable		(6,621	)		—			(6,621	)
Accrued and other liabilities		(5,524	)		(998	)		(6,522	)
Operating lease liability		(10,578	)		—			(10,578	)
Purchase price	$	90,368		$	—		$	90,368

Consideration:
Cash	$	90,145		$	223		$	90,368
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		Nine Months Ended
	September 28,		October 3,		September 28,
	2019		2020		2019
			(unaudited)
Net sales	$	219,780		668,772		633,344

Net income	$	15,619		35,351		42,181

Net income per common share:
Basic	$	0.27	$	0.60	$	0.72

Diluted	$	0.26	$	0.60	$	0.71

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