Note M - Acquisition

3 Months Ended

Mar. 19, 2022

Notes to Financial Statements

Business Combination Disclosure [Text Block]

Note M – Acquisition

On January 21, 2022, the Company completed its acquisition of the assets constituting the Brunswick Billiards business of Life Fitness, LLC. The estimated purchase price of the acquisition is $34.6 million, subject to final adjustment for net working capital as of the closing date. The acquisition was funded by cash and the Company’s revolving credit facility. The Company has not yet finalized the purchase price or its final evaluation of the fair value of certain items, including net working capital. The current estimates of fair value for the more significant assets acquired and liabilities assumed were receivables ($1.2 million), inventory ($14.5 million), fixed assets, including building and land ($4.0 million), accounts payable ($4.7 million), other accrued liabilities ($2.6 million), goodwill ($6.1 million) and other intangible assets ($16.0 million).