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BUSINESS ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2014
BUSINESS ACQUISITIONS [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their fair values as of February 19, 2014 are set forth below:
 
Current assets
 
$
3,076
 
Long-term assets
  
4,349
 
Intangible assets
  
4,066
 
Goodwill
  
2,556
 
Total Assets Acquried
  
14,047
 
 
    
Deferred tax liabilities
  
(2,440
)
Other liabilities
  
(832
)
Total liabilities assumed
  
(3,273
)
 
    
Net assets acquired
 
$
10,775
 
Business Acquisition, Pro Forma Information
The fair value of receivables aquired was $1.5 million. None of the Goodwill recognized is expected to be deductible for income tax purposes.
 
The accompanying consolidated statements of income for the years ended December 31, 2014 and December 31, 2013 do not include any revenues or expenses related to the acquisition prior to the respective closing date. The following unaudited pro forma consolidated financial information is presented as if the acquisition had occurred at the beginning of the periods presented. In addition, this unaudited pro forma financial information is provided for illustrative purposes only and should not be relied upon as necessarily being indicative of the historical results that would have been obtained if these acquisitions had actually occurred during those periods, or the results that may be obtained in the future as a result of these acquisitions.
 
Pro Forma (unaudited)
 
Year ended
December
 
 
 
2014
  
2013
 
Net Sales
 
$
101,186
  
$
96,629
 
 
        
Gross profit
  
15,171
   
15,195
 
 
        
Income (loss) from continuing operations
 
$
2,538
  
$
(591
)
 
        
Average common shares outstanding - Basic
  
7,951
   
7,951
 
Dilutive effect of convertible preferred stock
  
18,859
   
7,951
 
Average common shares outstanding - Diluted
  
26,810
   
7,951
 
 
        
 
        
Basic earnings per share
 
$
0.32
  
$
(0.07
)
Diluted earnings per share
 
$
0.09
  
$
(0.07
)
 
 The amount of revenue and earnings of FWP included in our Consolidated Statements of Income subsequent to the Closing Date are as follows:
 
 
 
February 20, 2014 -
December 31, 2014
 
 
 
 
Net Sales
 
$
13,966
 
Net Income
 
$
1,843
 
 
    
Basic earnings per share
 
$
0.23
 
Diluted earnings per share
 
$
0.07
 
 
The Company incurred $19,000 and $157,000 in costs related to the acquisition FWP during 2014 and 2013, respectively. These costs included fees for legal, valuation and other fees. These costs were included within general and administarative expenses.