Business Acquisitions (Tables)

12 Months Ended

Sep. 30, 2019

Schedule of fair values of assets acquired and liabilities assumed

The fair values of assets acquired and liabilities assumed, and the estimated useful lives of intangible assets acquired, were as follows (in thousands):


Contracts receivable including retainage	$	9,184
Costs and estimated earnings in excess of billings on uncompleted contracts	1,787
Inventory	4,323
Other current assets ⁽¹⁾	731
Property, plant and equipment:
Construction equipment	17,571
Quarry reserves	13,986
Land and land improvements	7,302
Plant	6,917
Buildings	1,552
Backlog intangible⁽²⁾	594
Customer relationship⁽³⁾	1,100
Goodwill	2,319
Accounts payable	(3,646)
Billings in excess of costs and estimated earnings on uncompleted contracts	(4,589)
Current maturities of long-term debt	(358)
Other current liabilities	(1,770)
Payable to seller	(4,940)
Long-term debt, net of current maturities	(744)
	$	51,319

⁽¹⁾Other current assets excludes cash acquired.

⁽²⁾ The estimated useful life of the backlog intangible asset is 17 months.

⁽³⁾ The estimated useful life of the customer relationship intangible is 8 years.

Schedule of pro forma revenues and net income - Scruggs acquisition

The following table presents pro forma revenues and net income as though the Company had acquired Scruggs on October 1, 2017 (unaudited, in thousands):


	For the Fiscal Year Ended September 30, 2018
Pro forma revenues		$	735,197
Pro forma net income		55,558