XML 73 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
ACQUISITIONS (Details)
3 Months Ended 6 Months Ended 3 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2013
USD ($)
Jun. 30, 2012
USD ($)
Jun. 30, 2013
USD ($)
Jun. 30, 2012
USD ($)
Jun. 30, 2013
Maximum [Member]
USD ($)
Jun. 30, 2012
Maximum [Member]
USD ($)
Jun. 30, 2013
Acquisition Date Fair Values [Member]
USD ($)
Jun. 30, 2013
Measurement Period Adjustments [Member]
USD ($)
Mar. 29, 2013
Measurement Period Adjustments [Member]
USD ($)
Jun. 30, 2013
Acquisition Date Fair Values (As adjusted) [Member]
USD ($)
Mar. 29, 2013
Acquisition Date Fair Values (As adjusted) [Member]
USD ($)
Jun. 30, 2013
Class A [Member]
USD ($)
Jun. 30, 2012
Class A [Member]
USD ($)
Jun. 30, 2013
Class A [Member]
USD ($)
Jun. 30, 2012
Class A [Member]
USD ($)
Jun. 30, 2013
Class B [Member]
USD ($)
Jun. 30, 2012
Class B [Member]
USD ($)
Jun. 30, 2013
Class B [Member]
USD ($)
Jun. 30, 2012
Class B [Member]
USD ($)
Jun. 30, 2013
GigaCom Interconnect [Member]
USD ($)
Jun. 30, 2013
GigaCom Interconnect [Member]
USD ($)
Mar. 09, 2012
GigaCom Interconnect [Member]
USD ($)
Mar. 09, 2012
GigaCom Interconnect [Member]
GBP (£)
Jun. 30, 2013
Fibreco [Member]
Dec. 31, 2012
Fibreco [Member]
USD ($)
Jul. 31, 2012
Fibreco [Member]
USD ($)
Jul. 31, 2012
Fibreco [Member]
GBP (£)
Jun. 30, 2013
Powerbox Italy [Member]
Dec. 31, 2012
Powerbox Italy [Member]
USD ($)
Sep. 12, 2012
Powerbox Italy [Member]
USD ($)
Dec. 31, 2012
Powerbox Italy [Member]
Class B [Member]
Sep. 12, 2012
Powerbox Italy [Member]
Class B [Member]
USD ($)
Jun. 30, 2013
TRP [Member]
USD ($)
Jun. 30, 2012
TRP [Member]
USD ($)
Jun. 30, 2013
TRP [Member]
USD ($)
Jun. 30, 2012
TRP [Member]
USD ($)
Mar. 29, 2013
TRP [Member]
USD ($)
Mar. 29, 2012
TRP [Member]
USD ($)
Jun. 30, 2013
TRP [Member]
Class A [Member]
USD ($)
Jun. 30, 2012
TRP [Member]
Class A [Member]
USD ($)
Jun. 30, 2013
TRP [Member]
Class A [Member]
USD ($)
Jun. 30, 2012
TRP [Member]
Class A [Member]
USD ($)
Jun. 30, 2013
TRP [Member]
Class B [Member]
USD ($)
Jun. 30, 2012
TRP [Member]
Class B [Member]
USD ($)
Jun. 30, 2013
TRP [Member]
Class B [Member]
USD ($)
Jun. 30, 2012
TRP [Member]
Class B [Member]
USD ($)
Jun. 30, 2013
Fibreco and Powerbox Italy [Member]
USD ($)
Jun. 30, 2013
Fibreco and Powerbox Italy [Member]
USD ($)
Acquired assets and liabilities [Line Items]                                                                                                
Revenues $ 93,981,000 $ 73,222,000 $ 157,009,000 $ 138,783,000                                                         $ 22,000,000   $ 22,000,000                       $ 3,000,000 $ 5,900,000
Net (loss) earnings 2,427,000 1,441,000 1,884,000 2,313,000               434,000 242,000 325,000 384,000 1,993,000 1,199,000 1,559,000 1,929,000                                                       100,000 800,000
Acquisition date                                       Mar. 09, 2012       Jul. 31, 2012       Sep. 12, 2012         Mar. 29, 2013                              
Acquisition of issued and outstanding capital stock (in hundredths)                                           100.00% 100.00%     100.00% 100.00%     100.00%               100.00%                    
Cash paid in exchange of net assets acquired             22,138,000 263,000 6,920,000 22,401,000 29,320,000                     2,700,000 1,700,000     13,700,000 8,700,000     3,000,000             22,400,000 22,400,000                    
Cash acquired from acquisition     8,338,000 0                                         2,700,000       200,000                                      
Number of restricted shares granted for acquisition (in shares)                                                             30,000                                  
Compensation expense of grant date fair value of restricted shares                                                               600,000                                
Acquisition-related costs     100,000 100,000 100,000 100,000                                                     100,000   400,000                          
Consideration paid for working capital adjustment                                                                 6,800,000                              
Research and development expense                                       200,000 500,000                                                      
Assets acquired [Abstract]                                                                                                
Cash and cash equivalents             2,991,000 0 0 2,991,000 8,388,000                                                   8,388,000                      
Accounts receivable             3,750,000 3,000 (39,000) 3,753,000 11,541,000                                                   11,580,000                      
Inventories             1,061,000 (16,000) 707,000 1,045,000 6,965,000                                                   6,258,000 [1]                      
Other current assets             90,000 0 0 90,000 1,953,000                                                   1,953,000                      
Property, plant and equipment             502,000 248,000 (165,000) 750,000 4,528,000                                                   4,693,000 [2]                      
Intangible assets             30,000 10,358,000 0 10,388,000 0                                                   0 [3]                      
Other assets                 0   1,151,000                                                   1,151,000                      
Total identifiable assets             8,424,000 10,593,000 503,000 19,017,000 34,526,000                                                   34,023,000                      
Liabilities assumed [Abstract]                                                                                                
Accounts payable             (1,702,000) 0 0 (1,702,000) (8,565,000)                                                   (8,565,000)                      
Accrued expenses             (1,736,000) 0 (21,000) (1,736,000) (4,024,000)                                                   (4,003,000)                      
Other current liabilities                 1,000   (24,000)                                                   (25,000)                      
Notes Payable             (216,000) 0   (216,000)                                                                            
Income taxes payable             (264,000) (60,000)   (324,000)                                                                            
Deferred income tax liability, current             (70,000) 0   (70,000)                                                                            
Deferred income tax liability, noncurrent             0 (2,297,000)   (2,297,000)                                                                            
Other long-term liabilities             (216,000) 0   (216,000)                                                                            
Total liabilities assumed             (4,204,000) (2,357,000) (20,000) (6,561,000) (12,613,000)                                                   (12,593,000)                      
Net identifiable assets acquired             4,220,000 8,236,000 483,000 12,456,000 21,913,000                                                   21,430,000                      
Goodwill             17,965,000 (8,020,000) (85,000) 9,945,000 8,193,000                                                   8,278,000 [4]                      
Fair value of net assets acquired             22,185,000 216,000 398,000 22,401,000 30,106,000                                                   29,708,000                      
Consideration transferred [Abstract]                                                                                                
Cash Paid             22,138,000 263,000 6,920,000 22,401,000 29,320,000                     2,700,000 1,700,000     13,700,000 8,700,000     3,000,000             22,400,000 22,400,000                    
Assumption of severance payment                 (109,000)   0                                                   109,000                      
Fair value of grant of license                 0   0                                                   0 [5]                      
Deferred consideration (786,000) (39,000) (786,000) (39,000)     47,000 (47,000) (6,413,000) 0 786,000                                           800,000   800,000   7,199,000 [6]                      
Fair value of consideration transferred             22,185,000 216,000 6,811,000 22,401,000 29,320,000                                                   22,509,000                      
Total consideration paid/payable                 398,000   30,106,000                                                   29,708,000                      
Unaudited Pro forma Consolidated Results of Operations                                                                                                
Revenue                                                                 93,981,000 95,066,000 711,510,000 181,461,000                        
Net earnings                                                                 $ 2,427,000 $ 4,474,000 $ 4,575,000 $ 7,254,000                        
Earnings per common share - basic and diluted (in dollars per share)                                                                             $ 0.20 $ 0.36 $ 0.38 $ 0.58 $ 0.22 $ 0.38 $ 0.41 $ 0.62    
[1] The determination of fair value related to the inventory acquired was still in progress as of the date of this filing. The amount above represents only the carrying value of the inventory on TRP's balance sheet as of the acquisition date.
[2] The appraisals related to machinery and equipment acquired were incomplete as of this filing date and as such, the amount noted above represents only the carrying value of those assets as of the acquisition date.
[3] The Company has identified certain intangible assets related to the TRP acquisition, including technology, license agreements and customer lists, which are being valued by a third-party appraiser. These appraisals were not complete as of the date of this filing.
[4] The amount of goodwill is provisional as of the filing date, as the fair value determination of inventory acquired, and appraisals related to property, plant and equipment and various intangible assets are still underway. As the final amount of goodwill has not yet been determined or allocated by segment, the Company is unable to determine at this time the portion of goodwill, if any, that will be deductible for tax purposes.
[5] As part of the consideration transferred, the Company granted Tyco a license related to three of the Company's patents. The valuation related to this license grant was not complete as of the date of this filing.
[6] Deferred consideration represents the Company's estimate of a working capital adjustment which is payable to the seller. Such adjustment must be agreed upon between the Company and the seller, and has not yet been finalized as of the date of this filing.