General (Tables)

3 Months Ended

Mar. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business acquisition, pro forma information

Underground Solutions and Schultz made the following contribution to the Company’s revenues and profits (in thousands):

	Quarter Ended March 31, 2016						Quarter Ended March 31, 2015
	Underground Solutions(1)			Schultz			Schultz
Revenues	$	4,666		$	4,710		$	517
Net loss	(124		)	(341		)	(7		)

_____________________

⁽¹⁾  The reported net loss for the period includes inventory step up expense of $1.2 million recognized as part of the accounting for business combinations.

The following unaudited pro forma summary presents combined information of the Company as if the Underground Solutions and Schultz acquisitions had occurred at the beginning of the year preceding their acquisition (in thousands):

	Quarters Ended March 31,
	2016			2015
Revenues	$	297,532		$	314,753
Net income (1)	(3,850		)	569

_____________________

⁽¹⁾  Includes pro-forma adjustments for depreciation and amortization associated with acquired tangible and intangible assets, as if those assets were recorded at the beginning of the year preceding the acquisition date.

Schedule of fair value of assets acquired and liabilities assumed

The following table summarizes the fair value of identified assets and liabilities of the Underground Solutions and Schultz acquisitions at their respective acquisition dates (in thousands):

	Underground Solutions			Schultz
Cash	$	3,630		$	—
Receivables and cost and estimated earnings in excess of billings	6,373			1,086
Inventories	12,839			—
Prepaid expenses and other current assets	777			19
Property, plant and equipment	2,755			162
Identified intangible assets	34,400			3,060
Deferred income tax assets	12,212			—
Other assets	29			—
Accounts payable	(4,653		)	(663		)
Accrued expenses	(5,011		)	—
Billings in excess of cost and estimated earnings	(2,943		)	—
Deferred income tax liabilities	(15,232		)	—
Total identifiable net assets	$	45,176		$	3,664
Total consideration recorded	$	88,797		$	7,662
Less: total identifiable net assets	45,176			3,664
Goodwill at March 31, 2016	$	43,621		$	3,998