XML 39 R28.htm IDEA: XBRL DOCUMENT v3.5.0.2
Business Acquisition (Tables)
9 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The table below outlines the total actual acquisition consideration allocated to the fair values of TAS’s tangible and intangible assets and liabilities as of August 5, 2015 and subsequent adjustments:

Accounts receivable
$
54,987

Costs and estimated earnings in excess of billings on uncompleted contracts
4,372

Prepaid expenses and other current assets
828

Fixed assets, net
15,720

Investment in GLM Concrete Services, LLC
76

Goodwill
33,817

Other intangible assets
33,650

Accounts payable
(18,458
)
Accrued expenses and other current liabilities
(13,015
)
Total Acquisition Consideration At August 5, 2015
$
111,977

Working Capital Adjustment
(1,633
)
Final Adjustment(1)
$
385

Total Acquisition Consideration
$
110,729

(1) On June 17, 2016, the Company and TAS agreed to an amendment of the original purchase agreement. The purpose of this amendment was to revise the total purchase price by $385 thousand for certain adjustments to post-closing items.
Summary of Pro Forma Results
The Company has calculated the pro forma impact of the acquisition of TAS on its operating results for the three and nine months ended September 30, 2015. The following pro forma results give effect to this acquisition, assuming the transaction occurred on January 1, 2015.
 
Pro Forma Results
 
For the Three Months Ended
For the Nine Months Ended
 
September 30, 2015
September 30, 2015
Contract Revenues
$
164,716

$
440,646

Operating loss from continuing operations
$
(7,305
)
$
(5,177
)
Net loss
$
(5,279
)
$
(5,050
)
Basic loss per share
$
(0.19
)
$
(0.18
)
Diluted loss per share
$
(0.19
)
$
(0.18
)