| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
The following allocation of purchase price as of the April 28, 2016 closing date was 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 |
|
|
|
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 |
|
The following is a preliminary allocation of purchase price as of the July 1, 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 |
$ |
80,000 |
|
|
|
Preliminary purchase price allocation: |
|
Inventory |
$ |
8,715 |
|
Other current assets |
2,181 |
|
Property and equipment, net |
1,616 |
|
Identifiable intangible assets |
56,300 |
|
Accrued expenses and other current liabilities |
(5,690 |
) |
Accrued compensation |
(2,202 |
) |
Identifiable net assets acquired |
60,920 |
|
Goodwill |
19,080 |
|
Total purchase price |
$ |
80,000 |
|
|
| 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 acquisitions had occurred at the beginning of fiscal year 2015:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
(in thousands) |
Net revenue – proforma combined |
$ |
96,324 |
|
|
$ |
104,326 |
|
|
$ |
311,709 |
|
|
$ |
227,428 |
|
Net income (loss) – proforma combined |
$ |
11,806 |
|
|
$ |
(4,793 |
) |
|
$ |
42,423 |
|
|
$ |
(70,311 |
) |
The following adjustments were included in the unaudited pro forma combined net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
(in thousands) |
Net revenue |
$ |
96,324 |
|
|
$ |
95,191 |
|
|
$ |
300,696 |
|
|
$ |
201,411 |
|
Add: Net revenue – acquired businesses |
— |
|
|
9,135 |
|
|
11,013 |
|
|
26,017 |
|
Net revenues – proforma combined |
$ |
96,324 |
|
|
$ |
104,326 |
|
|
$ |
311,709 |
|
|
$ |
227,428 |
|
The following adjustments were included in the unaudited pro forma combined net income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
(in thousands) |
Net income (loss) |
$ |
9,679 |
|
|
$ |
1,582 |
|
|
$ |
52,944 |
|
|
$ |
(33,787 |
) |
Add: Results of operations – acquired businesses |
— |
|
|
(3,452 |
) |
|
(8,822 |
) |
|
(16,291 |
) |
Less: Proforma adjustments |
|
|
|
|
|
|
|
Depreciation of property and equipment |
— |
|
|
(221 |
) |
|
(397 |
) |
|
(597 |
) |
Amortization of intangible assets |
250 |
|
|
(2,552 |
) |
|
(3,993 |
) |
|
(10,125 |
) |
Amortization of inventory step-up |
— |
|
|
— |
|
|
— |
|
|
(5,641 |
) |
Impairment of intangible assets |
1,300 |
|
|
(1,300 |
) |
|
1,300 |
|
|
(1,300 |
) |
Acquisition and integration expenses |
569 |
|
|
— |
|
|
2,010 |
|
|
— |
|
Income taxes |
8 |
|
|
1,150 |
|
|
(619 |
) |
|
(2,570 |
) |
Net income (loss) – proforma combined |
$ |
11,806 |
|
|
$ |
(4,793 |
) |
|
$ |
42,423 |
|
|
$ |
(70,311 |
) |
|
|
|
|
|
|
|
|
Net income (loss) per share – proforma combined: |
|
|
|
|
|
|
|
Basic |
$ |
0.18 |
|
|
$ |
(0.08 |
) |
|
$ |
0.67 |
|
|
$ |
(1.39 |
) |
Diluted |
$ |
0.17 |
|
|
$ |
(0.08 |
) |
|
$ |
0.63 |
|
|
$ |
(1.39 |
) |
Shares used to compute net income (loss) per share – proforma combined: |
|
|
|
|
|
|
|
Basic |
64,241 |
|
|
60,644 |
|
|
63,454 |
|
|
50,528 |
|
Diluted |
67,832 |
|
|
60,644 |
|
|
67,354 |
|
|
50,528 |
|
|