Annual report pursuant to Section 13 and 15(d)

Acquisitions (Tables)

v3.21.2
Acquisitions (Tables)
12 Months Ended
Jun. 30, 2021
Business Acquisition [Line Items]  
Schedule of Supplemental Pro Forma Results of Operations

The following unaudited supplemental pro forma information presents the results of operations of the Company, after giving effect to the acquisitions of YES and ELS as described above, as if the Company had completed each such transaction on July 1, 2019, using the estimated fair values of the assets acquired and liabilities assumed. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the Company would have been if the transactions had occurred on the date assumed, nor are they indicative of future results of operations.

 

For the year ended June 30,

(in thousands)

 

2021

(Unaudited)

 

2020

(Unaudited)

Revenues

 

$

254,359

 

 

$

271,298

 

Net income

 

 

8,796

 

 

 

1,939

 

Yankee Equipment Systems, Inc [Member]  
Business Acquisition [Line Items]  
Schedule of Purchase Price

The YES Acquisition was treated for accounting purposes as a purchase of YES using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations. Under the acquisition method of accounting, the aggregate consideration in the YES Acquisition was allocated to the acquired assets and assumed liabilities, in each case, based on their respective fair values as of the closing date, with the excess of the consideration transferred over the fair value of the net assets acquired being allocated to intangible assets and goodwill. The computation of the purchase price consideration and the preliminary allocation of the consideration to the net assets acquired are presented in the following tables (in thousands):

Purchase price consideration:

Cash consideration, net of cash acquired(a)

$

4,475

Stock consideration(b)

8,521

Total purchase price consideration, net of cash acquired

$

12,996

(a) Includes $5.3 million paid net of $792,000 of cash acquired.

(b) Calculated as 278,385 shares of the Company’s common stock, multiplied by $30.61, the closing price of the Company’s common stock on the closing date.

Schedule of Allocation of Purchase Price Consideration

Allocation of purchase price consideration:

Accounts receivable

$

1,482

Inventory

1,591

Other assets

1,812

Equipment and improvements

1,844

Intangible assets

3,800

Accounts payable and accrued expenses

(1,901

)

Accrued employee expenses

(534

)

Customer deposits

(525

)

Deferred tax liabilities

(887

)

Assumption of debt

(916

)

Total identifiable net assets

5,766

Goodwill

7,230

Total

$

12,996