ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2014

ACQUISITIONS

Schedule of unaudited pro forma effect on consolidated operating results

The following table illustrates the unaudited pro forma effect on the Company’s consolidated operating results for the three and nine months ended September 30, 2014 and 2013, as if the Forkardt acquisition and related financing occurred on January 1, 2012 and the Voumard acquisition had occurred on January1, 2013 (in thousands):

	Three Months Ended   September 30,					Nine Months Ended   September 30,
	2014			2013		2014			2013
Sales	$	70,442		$	83,097	$	223,776		$	250,600
Net (loss) income from continuing operations(1)	(8,164		)	1,603		(13,200		)	4,017
Diluted (loss) earnings per share from continuing operations	$	(0.64	)	$	0.14	$	(1.04	)	$	0.34

____________________

⁽¹⁾ The pro forma results above include abbreviated financial results for Voumard, consisting of revenues and direct expenses for that product line. During the nine months ended September 30, 2014, the Voumard business incurred $4.8 million in restructuring charges, which included inventory write-offs, headcount reductions and other related costs. These amounts are included in the pro forma information presented above.

Forkardt

ACQUISITIONS

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The final allocation of purchase price to the assets acquired and liabilities assumed is as follows (in thousands):

	May 9, 2013
Assets Acquired
Accounts receivable	$	5,521
Inventories	5,357
Other current assets	1,257
Property, plant and equipment	6,271
Other non-current assets	105
Trade name, customer list, and other intangible assets	14,614
Total assets acquired	33,125
Liabilities Assumed
Accounts payable and other current liabilities	3,413
Other non-current liabilities	1,278
Net assets acquired	28,434
Total purchase price	34,250
Goodwill	$	5,816

Voumard

ACQUISITIONS

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed in the Voumard acquisition at the date of acquisition (in thousands):

	September 22, 2014
Assets Acquired
Inventories	$	2,984
Property, plant and equipment	259
Drawings, customer lists, and other intangible assets	131
Total assets acquired	3,374
Liabilities Assumed
Warranties	600
Deferred tax liability	162
Net assets acquired	2,612
Total purchase price	2,150
Bargain purchase gain	$	(462	)