Annual report pursuant to Section 13 and 15(d)

Acquisitions (Tables)

v2.4.1.9
Acquisitions (Tables)
12 Months Ended
Dec. 31, 2014
Summary of Preliminary Purchase Price Allocation to Assets Acquired

The following summarizes the purchase price allocation to the acquired assets:

 

(in thousands)

      

Customer revenue contracts

   $ 1,599   

Gain on bargain purchase

     (743
  

 

 

 

Purchase price

$ 856   
  

 

 

 
Business Acquisition Proforma Information

The following unaudited supplemental proforma information assumes the 2014 and 2013 acquisitions referred to above had been completed as of January 1, 2013 and is not indicative of the results of operations that would have been achieved had the transactions been consummated on such date or of results that might be achieved in the future.

 

(in thousands)

   Year Ended
December 31, 2014
     Year Ended
December 31, 2013
 

Revenues

   $ 96,190      $ 84,584  

Operating loss

   $ (9,837 )    $ (13,709 )

Net Loss

   $ (4,393 )    $ (20,992 )
Pro Forma Operating Loss Attributable to Acquisitions

The pro forma operating loss and net loss also reflect the following charges and credits directly attributable to the acquisitions:

 

(in thousands)

   Year Ended
December 31, 2014
     Year Ended
December 31, 2013
 

Recorded by Company:

     

Gain on bargain purchase of business

   $ —        $ 743  

Recorded by Relume pre-acquisition:

     

Fees incurred by the sellers

     —          (350 )

Change in control payment from sellers to management

     —          (737 )

Loss on settlement of debt from proceeds of merger

     —          (4,157 )

Gain on deconsolidation of subsidiary in bankruptcy proceedings

     —          1,573  

Recorded by Value Lighting pre-acquisition:

     

Fee paid by sellers in connection with the transaction

     (528      —     

Pro Forma charge for amortization of the intangible assets related to acquired backlog, not expected to recur after the first year following the year of acquisition

     —          (2,370
  

 

 

    

 

 

 
$ (528 ) $ (5,298
  

 

 

    

 

 

 
Value Lighting  
Preliminary Values Assigned to Assets Acquired and Liabilities Assumed

The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed from the Value Lighting acquisition. The excess of the purchase price over the estimated fair value of the net tangible assets acquired was allocated to intangible assets of approximately $20.0 million and goodwill of approximately $18.6 million.

 

(in thousands)

      

Cash

   $ 35   

Accounts receivable

     8,720   

Inventory

     7,505   

Goodwill

     18,635   

Customer relationships

     12,270   

Trade names

     4,800   

Backlog

     2,505   

Non-compete agreements

     260   

Other intangibles

     116   

Other assets

     2,901   
  

 

 

 

Assets acquired

  57,747   
  

 

 

 

Accounts payable

  8,683   

Accrued liabilities

  1,383   

Other current liabilities

  1,362   

Other liabilities

  1,185   

Deferred income tax liability

  5,825   
  

 

 

 

Liabilities assumed

  18,438   
  

 

 

 

Purchase price

$ 39,309   
  

 

 

 
Tri-State LED, Inc.  
Preliminary Values Assigned to Assets Acquired and Liabilities Assumed

The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed from the Tri-State acquisition.

 

(in thousands)

      

Accounts receivable

   $ 468   

Inventory

     310   

Goodwill

     2,786   

Customer relationships

     1,680   

Non-compete agreements

     480   

Other intangibles

     738   

Other assets

     38   
  

 

 

 

Assets acquired

  6,500   
  

 

 

 

Accounts payable

  440   

Accrued liabilities

  208   

Other current liabilities

  80   
  

 

 

 

Liabilities assumed

  728   
  

 

 

 

Purchase price

$ 5,772   
  

 

 

 
Relume Technologies Inc  
Preliminary Values Assigned to Assets Acquired and Liabilities Assumed

The following amounts represent the determination of the fair value of identifiable assets acquired and liabilities assumed from the Relume acquisition.

 

(in thousands)

      

Cash

   $ 61  

Accounts receivable

     851  

Inventory

     1,935  

Goodwill

     8,624  

Technology

     2,020  

Trademarks

     1,200  

Customer relationships

     680  

Other assets

     838  
  

 

 

 

Assets acquired

  16,209  
  

 

 

 

Accounts payable

  2,574  

Accrued liabilities

  1,891  

Other current liabilities

  26  

Capital lease obligations

  110  
  

 

 

 

Liabilities assumed

  4,601  
  

 

 

 

Purchase price

$ 11,608  
  

 

 

 
Seesmart Technologies Incorporated  
Preliminary Values Assigned to Assets Acquired and Liabilities Assumed

The following amounts represent the final determination of the fair value of identifiable assets acquired and liabilities assumed from the Seesmart acquisition.

 

(in thousands)

      

Cash

   $ 69   

Accounts receivable

     1,048  

Inventory

     1,352  

Goodwill

     10,166  

Customer relationships

     7,273  

Trademarks

     3,434  

Other assets

     334  
  

 

 

 

Assets acquired

  23,676  
  

 

 

 

Accounts payable

  2,692  

Accrued liabilities

  1,137  

Deferred revenue

  104  

Customer deposits

  1,467  
  

 

 

 

Liabilities assumed

  5,400  
  

 

 

 

Purchase price

$ 18,276