Acquisitions (Tables)

9 Months Ended

Apr. 30, 2020

Schedule of purchase price allocated to the assets acquired and assumed liabilities based on estimated fair values

The following table presents our purchase price allocations of our material acquisitions:


	2020		2019
Purchase Price Allocation	Hu-Friedy⁽¹⁾		Omnia		CES Business⁽²⁾
	(Preliminary)		(Final)		(Final)
Purchase Price:
Cash paid	$	662,151	$	15,797	$	17,047
Fair value of contingent consideration	38,371		—		—
Common stock issued	54,391		3,210		—
Total	$	754,913	$	19,007	$	17,047

Allocation:
Property and equipment	38,571		1,285		539
Intangible assets:
Customer relationships	226,000		10,206		8,100
Technology	32,000		1,257		—
Brand names	112,000		1,600		—
Goodwill	277,927		10,539		6,137
Deferred income taxes	—		(2,346)		—
Inventories	60,596		—		—
Other working capital	7,819		1,673		2,271
Long-term debt	—		(5,207)		—
Total	$	754,913	$	19,007	$	17,047

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(1)During the second quarter of fiscal 2020, we paid $25,000 to settle a portion of the contingent consideration, and during the third quarter of fiscal 2020, we paid $35,000 to repurchase a portion of the common stock issued, both of which were included in Acquisitions, net of cash acquired in the Condensed Consolidated Statement of Cash Flows. See Note 9, “Fair Value Measurements” for additional information.

(2)The excess purchase price over net assets acquired was assigned to goodwill, all of which is deductible for income tax purposes.

Schedule of pro forma summary of operations

The following pro forma summary of operations presents our operations as if the Hu-Friedy acquisition had occurred as of the beginning of fiscal 2019. In addition to including the results of operations of this acquisition, the pro forma information gives effect to amortization of the step-up in inventory, depreciation of the step-up in property and equipment, the interest on additional borrowings, the amortization of intangible assets and the issuance of shares of common stock. On an actual basis, the Hu-Friedy acquisition contributed $35,444 and $110,818 to our consolidated net sales for the three and nine months ended April 30, 2020, respectively.


	Three Months Ended April 30,						Nine Months Ended April 30,
Pro Forma Summary of Operations	2020		2019		2020		2019
Net sales	$	236,933	$	278,423	$	821,602	$	836,228
Net income	$	15,787	$	5,624	$	14,273	$	43,880
Earnings per common share:
Basic	$	0.37	$	0.13	$	0.34	$	1.03
Diluted	$	0.37	$	0.13	$	0.34	$	1.03