Quarterly report pursuant to Section 13 or 15(d)

LEEVAC ACQUISITION (Tables)

v3.4.0.3
LEEVAC ACQUISITION (Tables)
 3 Months Ended
Mar. 31, 2016
Business Combinations [Abstract]  
Schedules of Net Cash Received Upon Acquisition
Cash received upon acquisition of LEEVAC:
 
 
 
Owner payment for prepaid contracts (1)
 
$
16,942

 
Surety payments related to assigned contracts (2)
 
7,125

 
 
24,067

Less:
 
 
 
Working capital assumed
 
2,479

 
Net cash due to the Company at closing
 
1,588

 
 
 
4,067

 
 
 
 
Purchase price
 
$
20,000

The tables below represents the total cash received as reported on our consolidated statements of cash flows and the corresponding preliminary fair values assigned to the assets and liabilities acquired from LEEVAC.

Assets:
 
 
 
Accounts receivable
 
$
3,544

 
Inventory
 
4,938

 
Machinery and equipment
 
23,056

 
Intangible assets (leasehold interests)
 
2,123

 
 
 
 
Liabilities:
 
 
 
Accounts payable and accrued expenses
 
6,003

 
Deferred revenue and below market contracts
 
29,246

 
 
 
 
Net cash received upon the acquisition of LEEVAC
 
$
1,588

Pro Forma Results of Operations Assuming LEEVAC Acquisition
The table below presents our pro forma results of operations for the three months ended March 31, 2015 assuming that we acquired LEEVAC on January 1, 2015 (in thousands):
 
 
 
 
Pro forma adjustments
 
 
 
 
 
Historical results
 
LEEVAC
 
Adj
 
 
Pro forma results
Revenue
 
$
99,233

 
$
24,718

 
$
—

 
 
$
123,951

Net income (loss)
 
$
83

 
$
(4,408
)
 
$
963

(1
)
 
$
(3,362
)
______________
(1) Adjustments to historical results are as follows:
Effect of purchase price depreciation
 
$
200

Elimination of interest expense
 
763

 
 
$
963