Acquisitions and Investments (Tables) (Specialized Industries LP)

9 Months Ended

Sep. 30, 2014

Specialized Industries LP

Schedule of Business Acquisitions, by Acquisition

The following are the estimated fair value of the assets acquired and liabilities assumed as of the Acquisition date (in thousands):




Cash	$	2,025
Accounts receivable	16,417
Inventory	46,490
Prepaid expenses	3,223
Deferred income tax assets	1,106
Rental equipment	27,923
Property, plant & equipment	12,886
Intangible assets	57,457
Other assets	675
Deferred income tax liabilities	(3,863		)
Other liabilities assumed	(10,765		)

Net assets assumed	153,574

Goodwill	39,383
Preliminary Purchase Price	$	192,957

Business Acquisition, Pro Forma Information

The following table presents the unaudited pro forma combined results of operations of the Company and the acquired business units of Specialized for the three and nine months ended September 30, 2014 and 2013, after giving effect to certain pro forma adjustments including: (i) recognition of the costs related to the step-up in fair value of the Specialized inventory, (ii) amortization of acquired intangible assets, (iii) the impact of certain fair value adjustments such as depreciation on the acquired rental equipment and property, plant and equipment, and (iv) interest expense for historical long-term debt of Specialized that was repaid and interest expense on additional borrowings by the Company to fund the acquisition. The unaudited pro forma statement of income of the Company assuming this transaction occurred at January 1, 2013 is as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share amounts)	2014		2013		2014		2013
Net Sales	$	233,175	$	205,071	$	658,657	$	610,180
Net Income	$	13,367	$	12,081	$	31,224	$	31,282
Diluted Earnings per Share	$	1.10	$	0.99	$	2.55	$	2.56