ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2013

ACQUISITIONS [Abstract]

Schedule of acquisition date fair values of assets acquired and liabilities assumed

While the initial accounting related to the acquisitions of TRP and Array is not complete as of the filing date of this Annual Report on Form 10-K, the following table depicts the Company’s current estimate of the respective acquisition date fair values of the consideration paid and identifiable net assets acquired (in thousands):

	TRP									Array									2013 Acquisitions
				Measurement			March 29,						Measurement			August 20,			Acquisition-Date
	March 29,			Period			2013			August 20,			Period			2013			Fair Values
	2013			Adjustments			(As adjusted)			2013			Adjustments			(As adjusted)			(As adjusted)
Cash	$	8,388		$	(29	)	$	8,359		$	-		$	-		$	-		$	8,359
Accounts receivable		11,580			(39	)		11,541			994			-			994			12,535
Inventories		6,258			1,097			7,355			2,588			(1,595	)		993			8,348
Other current assets		1,953			(181	)		1,772			83			345			428			2,200
Property, plant and equipment		4,693			1,097			5,790			2,285			1,225			3,510			9,300
Intangible assets		-			6,110			6,110			-			1,470			1,470			7,580
Other assets		1,151			84			1,235			84			1,663			1,747			2,982
Total identifiable assets		34,023			8,139			42,162			6,034			3,108			9,142			51,304
Accounts payable		(8,565	)		331			(8,234	)		(677	)		1			(676	)		(8,910	)
Accrued expenses		(4,003	)		(219	)		(4,222	)		(206	)		(79	)		(285	)		(4,507	)
Other current liabilities		(25	)		(791	)		(816	)		(214	)		214			-			(816	)
Noncurrent liabilities		-			(586	)		(586	)		(643	)		(1,105	)		(1,748	)		(2,334	)
Total liabilities assumed		(12,593	)		(1,265	)		(13,858	)		(1,740	)		(969	)		(2,709	)		(16,567	)
Net identifiable assets acquired		21,430			6,874			28,304			4,294			2,139			6,433			34,737
Goodwill		8,278			(7,234	)		1,044			5,666			(2,094	)		3,572			4,616
Net assets acquired	$	29,708		$	(360	)	$	29,348		$	9,960		$	45		$	10,005		$	39,353
Cash paid	$	22,400		$	6,948		$	29,348		$	9,960		$	45		$	10,005		$	39,353
Assumption of severance payment		109			(109	)		-			-			-			-			-
Fair value of consideration
transferred		22,509			6,839			29,348			9,960			45			10,005			39,353
Deferred consideration		7,199			(7,199	)		-			-			-			-			-
Total consideration paid	$	29,708		$	(360	)	$	29,348		$	9,960		$	45		$	10,005		$	39,353

Fair value of identifiable intangible assets

The preliminary fair value of identifiable intangible assets related to the 2013 Acquired Companies is shown in the table below (dollars in thousands).  For those intangible assets with finite lives, the acquisition-date fair values will be amortized over their respective estimated future lives utilizing the straight-line method.

	Weighted-Average Life	Acquisition-Date Fair Value
Trademarks	Indefinite	$	40
Technology	22 years		1,540
Customer relationships	17.5 years		5,840
Non-compete agreements	2 years		160
Total identifiable intangible assets acquired		$	7,580

Unaudited pro forma consolidated results of operations information

The 2012 unaudited pro forma net earnings were adjusted to include these charges (dollars in thousands except per share data):

	Year Ended December 31,
	2013		2012
Revenue	$	374,153	$	376,921
Net earnings		17,774		8,800
Earnings per Class A common share - basic and diluted		1.48		0.69
Earnings per Class B common share - basic and diluted		1.58		0.76

Estimated acquisition date fair values of the consideration transferred and identifiable net assets acquired

The following table reflects the finalized acquisition date fair values of the consideration transferred and identifiable net assets acquired related to the 2012 acquisitions (in thousands):

				Measurement			Acquisition-Date
	Acquisition-Date			Period			Fair Values
	Fair Values			Adjustments			(As finalized)
Cash and cash equivalents	$	2,991		$	-		$	2,991
Accounts receivable		3,750			3			3,753
Inventories		1,061			(16	)		1,045
Other current assets		90			-			90
Property, plant and equipment		502			263			765
Intangible assets		30			11,626			11,656
Total identifiable assets		8,424			11,876			20,300
Accounts payable		(1,702	)		-			(1,702	)
Accrued expenses		(1,736	)		-			(1,736	)
Notes payable		(216	)		-			(216	)
Income taxes payable		(264	)		(60	)		(324	)
Deferred income tax liability, current		(70	)		-			(70	)
Deferred income tax liability, noncurrent		-			(2,700	)		(2,700	)
Other long-term liabilities		(216	)		-			(216	)
Total liabilities assumed		(4,204	)		(2,760	)		(6,964	)
Net identifiable assets acquired		4,220			9,116			13,336
Goodwill		17,965			(8,900	)		9,065
Net assets acquired	$	22,185		$	216		$	22,401
Cash paid	$	22,138			263		$	22,401
Deferred consideration		47			(47	)		-
Fair value of consideration transferred	$	22,185		$	216		$	22,401

The fair value of identifiable intangible assets related to the 2012 Acquired Companies is shown in the table below (dollars in thousands).  For those intangible assets with finite lives, the acquisition-date fair values will be amortized over their respective estimated future lives utilizing the straight-line method.

	Weighted-Average Life	Acquisition-Date Fair Value
Trademarks	Indefinite	$	1,264
Technology	20 years		6,542
Customer relationships	16 years		3,292
Non-compete agreements	2 years		558
Total identifiable intangible assets acquired		$	11,656