Quarterly report pursuant to Section 13 or 15(d)

Business Combinations Business Combinations (Tables)

v3.5.0.2
Business Combinations Business Combinations (Tables)
 6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
The following is a preliminary allocation of purchase price as of the April 28, 2016 closing date based upon an estimate of the fair value of the assets acquired and the liabilities assumed by the Company in the acquisition (in thousands):
Description
Amount
 
(in thousands)
Fair value of consideration transferred:
 
Cash
$
21,000

 
 
Preliminary purchase price allocation:
 
Inventory
$
912

Property and equipment
21

Identifiable intangible assets
13,600

Warranty obligations
(12
)
     Accrued expenses
(456
)
Identifiable net assets acquired
14,065

Goodwill
6,935

Total purchase price
$
21,000

Business Acquisition, Pro Forma Information [Table Text Block]
The following table presents unaudited pro forma combined financial information for each of the periods presented, as if the acquisition had occurred at the beginning of fiscal year 2015:

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
 
(in thousands)
Net revenues – proforma combined
$
102,530

 
$
71,630

 
$
207,648

 
$
108,067

Net income (loss) – proforma combined
22,692

 
(34,117
)
 
42,696

 
(43,862
)

The following adjustments were included in the unaudited pro forma combined net income (loss):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
 
(in thousands)
Net income (loss)
$
22,584

 
$
(30,647
)
 
$
43,265

 
$
(35,369
)
Add: Results of operations – acquired business
163

 
(2,566
)
 
126

 
(5,764
)
Less: Proforma adjustments
 
 
 
 
 
 
 
Depreciation of property, plant and equipment
(1
)
 
(2
)
 
(3
)
 
(5
)
Amortization of intangible assets
(203
)
 
(857
)
 
(809
)
 
(1,713
)
Amortization of inventory step-up
—

 
—

 
—

 
(336
)
Acquisition and integration expenses
569

 
—

 
569

 
(569
)
Tax provision
(420
)
 
(45
)
 
(452
)
 
(106
)
Net income (loss) – proforma combined
$
22,692

 
$
(34,117
)
 
$
42,696

 
$
(43,862
)