Information of Company's Results of Operations

The following unaudited pro forma information represents the Company’s results of operations as if PMFG acquisition had occurred as of January 1, 2014, the HEE, SAT, Emtrol, and Zhongli acquisitions had occurred as of January 1, 2013, and the Met-Pro and Aarding acquisitions had occurred as of January 1, 2012:

	Year Ended December 31,
(Table only in thousands)	2015			2014			2013
Net sales	$	460,726		$	493,246		$	337,767
Net (loss) income	$	(29,568	)	$	(22,990	)	$	2,050
Earnings per share:
Basic	$	(0.87	)	$	(0.68	)	$	0.09
Diluted	$	(0.87	)	$	(0.68	)	$	0.08

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the approximate fair values of the assets acquired and liabilities assumed at the date of closing.

(Table only in thousands)
Current assets (including cash of $27,100)	$	93,884
Property and equipment		30,252
Other assets		953
Assets held for sale (a)		950
Deferred income tax asset		—
Goodwill		55,655
Intangible – finite life		29,940
Intangible – indefinite life		10,280
Total assets acquired		221,914
Current liabilities assumed		(73,328	)
Deferred income tax liability		(1,899	)
Long term liabilities assumed		(3,961	)
Noncontrolling interest		(6,000	)
Net assets acquired	$	136,726

(a)

The assets held for sale consists primarily of real property, and are valued at the estimated proceeds less cost to sell. The Company has not recorded a gain or loss on the classification of the subject assets to Held for Sale. The Company expects to complete the sale of the subject assets within the next twelve months.

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing after the Company finalized purchase accounting during 2015.

(Table only in thousands)
Current assets (including cash of $1,025)	$	16,223
Property and equipment		1,477
Goodwill		4,752
Intangible – finite life, net		4,262
Intangible – indefinite life		960
Total assets acquired		27,674
Current liabilities assumed		(1,840	)
Deferred tax liabilities		(1,739	)
Net assets acquired	$	24,095

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing after the Company finalized purchase accounting during 2015.

(Table only in thousands)
Current assets	$	9,922
Property and equipment		125
Goodwill		24,998
Intangible – finite life, net		12,890
Total assets acquired		47,935
Current liabilities assumed		(10,173	)
Net assets acquired	$	37,762

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing after the Company finalized purchase accounting during 2015.

(Table only in thousands)
Current assets	$	1,679
Property and equipment		10
Goodwill		1,733
Intangible – finite life, net		840
Intangible – indefinite life		260
Total assets acquired		4,522
Current liabilities assumed		(1,847	)
Deferred tax liabilities		(275	)
Net assets acquired	$	2,400

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing after the Company finalized purchase accounting during 2015.

(Table only in thousands)
Current assets	$	913
Property and equipment		158
Goodwill		5,644
Intangible – finite life, net		2,690
Intangible – indefinite life		510
Total assets acquired		9,915
Current liabilities assumed		(415	)
Net assets acquired	$	9,500

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing after the Company finalized purchase accounting during 2014.

(Table only in thousands)
Current assets	$	68,766
Property and equipment		15,773
Other assets		1,375
Assets held for sale (a)		10,886
Goodwill		102,552
Intangible – finite life, net		35,810
Intangible – indefinite life		11,910
Total assets acquired		247,072
Current liabilities assumed		(13,638	)
Deferred income tax liability		(24,784	)
Long term liabilities assumed		(6,078	)
Net assets acquired	$	202,572

(a)

The assets held for sale consists of primarily real property, and are valued at the estimated proceeds less cost to sell. The Company has not recorded a gain or loss on the classification of the subject assets to Held for Sale. The Company expects to complete the sale of the subject assets within the next twelve months. Three properties were sold during 2015 for total proceeds of $3.2 million. Three properties were sold during 2014 for total proceeds of $6.7 million. The remaining assets held for sale related to the Met-Pro acquisition was $0.7 million at December 31, 2015.

During 2015, 2014, and 2013, Met-Pro accounted for $80.9 million, $83.1 million, and $30.5 million of revenue, respectively, and $14.3 million, $14.6 million and $0.9 million pre-tax income, respectively, included in the Company’s results.

Fair Values of Assets Acquired and Liabilities Assumed at Date of Closing

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of closing after the Company finalized purchase accounting during 2014.

(Table only in thousands)
Current assets	$	15,062
Property and equipment		959
Goodwill		7,595
Intangible – finite life, net		13,477
Intangible – indefinite life		2,865
Total assets acquired		39,958
Current liabilities assumed		(8,277	)
Deferred income tax liability		(4,086	)
Net assets acquired	$	27,595