ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2022

ACQUISITIONS

Schedule of unaudited pro forma financial information

The following pro forma financial information presents the combined results of operations if the FPH, ThinGap, and Airex acquisitions had occurred as of January 1, 2021 and Spectrum Controls, ORMEC, and ALIO as of January 1, 2020.

	Year ended December 31,
	2022		2021		2020
Revenues	$	513,803	$	470,589	$	415,577
Income before income taxes		28,032		22,883		17,633

FPH Group

ACQUISITIONS

Schedule of purchase price allocation and estimated fair value of the assets acquired

The preliminary allocation of the purchase price paid for FPH is based on estimated fair values of the assets acquired and liabilities assumed of FPH as of May 30, 2022, and is as follows (in thousands):

Cash and cash equivalents	$	1,755
Trade receivables		3,100
Inventories		4,576
Other assets, net		174
Property, plant, and equipment		624
Right of use assets		4,165
Intangible assets		22,611
Goodwill		14,484
Other current liabilities		(1,577)
Deferred revenue		(776)
Lease liabilities		(4,165)
Net deferred income tax liabilities		(3,931)
Net purchase price	$	41,040

Spectrum Controls

ACQUISITIONS

Schedule of purchase price allocation and estimated fair value of the assets acquired

The allocation of the purchase price paid for Spectrum Controls is based on fair values of the assets acquired and liabilities assumed of Spectrum Controls as of December 30, 2021 and is as follows (in thousands):

Cash and cash equivalents	$	96
Trade receivables		3,612
Inventories		4,052
Other assets, net		560
Property, plant and equipment		278
Intangible assets		34,800
Goodwill		26,608
Current liabilities		(1,267)
Net purchase price	$	68,739

ThinGap and Airex

ACQUISITIONS

Schedule of purchase price allocation and estimated fair value of the assets acquired

The preliminary allocation of the purchase price paid is based on estimated fair values of the assets acquired and liabilities assumed as of May 24, 2022 for ThinGap and June 17, 2022 for Airex and is, collectively, as follows:

Cash and cash equivalents	$	1,074
Trade receivables		1,295
Inventories		1,686
Other assets, net		636
Property, plant, and equipment		202
Right of use assets		888
Intangible assets		6,000
Goodwill		7,072
Other current liabilities		(574)
Deferred revenue		(426)
Lease liabilities		(888)
Net deferred income tax liabilities		(347)
Net purchase price	$	16,618

ORMEC and ALIO

ACQUISITIONS

Schedule of purchase price allocation and estimated fair value of the assets acquired

The allocation of the purchase price paid is based on fair values of the assets acquired and liabilities assumed as of November 2, 2021 for ORMEC and November 4, 2021 for ALIO and is, collectively, as follows (in thousands):

Cash and cash equivalents	$	2,059
Trade receivables		1,416
Inventories		2,802
Other assets, net		88
Property, plant and equipment		669
Right of use assets		1,005
Intangible assets		10,200
Goodwill		20,114
Other current liabilities		(1,028)
Deferred revenue		(2,063)
Lease liabilities		(1,005)
Net deferred income tax liabilities		(662)
Net purchase price	$	33,595