Pineland Acquisition (Tables)

6 Months Ended

Oct. 27, 2017

The following table represents sales and operating income associated with the acquired Pineland business in the first six months of fiscal 2018:



	Six Months Ended
(in thousands)	October 27, 2017
Net sales (excluding intercompany sales)	$	18,052
Operating income	$	2,869

The following table summarizes the total preliminary purchase price allocated to the net assets acquired:



(in thousands)
Cash paid	$	115,811
Preliminary fair value of contingent consideration	23,746
Total purchase price to allocate	$	139,557

Schedule of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair value of assets acquired and liabilities, on the acquisition date. We are in the process of reviewing a third party valuation of the assets acquired and liabilities assumed, including the earn-out consideration, and as a result the provisional measurements disclosed below are preliminary and subject to change.



(in thousands)	Acquisition date fair value
Accounts receivable	$	6,008
Inventory	3,216
Other assets	944
Property, plant and equipment	35,915
Identifiable definite-lived intangible assets	36,965
Goodwill	80,195
Total identifiable assets acquired	$	163,243

Current liabilities assumed	5,081
Deferred tax liabilities	$	18,605

Schedule of Pro Forma Information

The following pro forma financial information presents our combined results of operations as if the Acquisition had occurred on April 30, 2016, the first day of fiscal 2017. The unaudited pro forma financial information is not necessarily indicative of what our condensed consolidated results of operations actually would have been had the Acquisition been completed on April 30, 2016. In addition, the unaudited pro forma financial information does not attempt to project the future results of operations of the combined company.



(in thousands)	Six Months Ended Q2 2017 Pro forma Results
Revenue (excluding intercompany sales)	$	200,476
Operating income	4,210
Income before taxes	968
Provision for income taxes	339
Net income	$	629