Acquisition (Tables)

6 Months Ended

Jun. 29, 2013

Acquisition

Summary of the purchase price and the estimated fair value of the assets acquired and liabilities assumed and certain supplemental cash flow information

The following table summarizes the purchase price and the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition and provides certain supplemental cash flow information (in thousands):

Purchase price paid as:
Cash and borrowings on revolving line of credit				$	8,472
Holdback consideration				800
Contingent consideration				2,400
Total purchase price				11,672
Fair value of net assets acquired:
Inventory	$	1,272
Property and equipment	3,335
Identifiable intangible assets	3,940
Current liabilities	(22		)
Total fair value of net assets acquired				8,525
Excess purchase price over fair value of net assets acquired (“goodwill”)				$	3,147

Schedule of identified intangible assets acquired

Identified intangible assets acquired in the WVFC Acquisition totaled $3.9 million and consist of the following (in thousands):

Customer relationships	$	3,200
Trademark	740
Intangible assets, net at June 29, 2013	$	3,940

Schedule of estimated amortization expense

Amortization expense is estimated to be as follows (in thousands):

Years Ending,
2013	$	160
2014	320
2015	320
2016	320
2017	320
Thereafter	1,760
Total	$	3,200

Schedule of Unaudited pro forma consolidated results of operations

The following unaudited pro forma consolidated results of operations (in thousands, except per share data) assumes the WVFC Acquisition occurred as of the beginning of the prior year. 

		Quarter Ended				Six Months Ended
		June 29,  2013		June 30,  2012		June 29,  2013		June 30,  2012
Net revenues	As reported	$	53,677	$	48,016	$	102,214	$	95,036
	Pro forma	$	56,884	$	51,247	$	108,645	$	101,707
Net income	As reported	$	1,407	$	1,623	$	2,463	$	3,345
	Pro forma	$	1,564	$	1,637	$	2,706	$	3,374
Diluted earnings per share	As reported	$	0.07	$	0.08	$	0.13	$	0.17
	Pro forma	$	0.08	$	0.08	$	0.14	$	0.17