Quarterly report pursuant to Section 13 or 15(d)

LEEVAC Transaction (Tables)

v3.5.0.2
LEEVAC Transaction (Tables)
 6 Months Ended
Jun. 30, 2016
Business Combinations [Abstract]  
Schedules of Net Cash Received Upon Acquisition
The tables below represents the total cash received as reported in 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


Cash received upon acquisition of LEEVAC:
 
 
 
Seller payment for prepaid contracts (1)
 
$
16,942

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

 
 
24,067

Less:
 
 
 
Working capital assumed (3)
 
2,479

 
Net cash due to the Company at closing
 
1,588

 
 
 
4,067

Purchase price
 
$
20,000

__________
(1)
Payment from sellers for customer payments received in advance of progress on contracts assigned to us concurrent with the closing of the LEEVAC transaction.
(2)
Payments from sellers' surety in connection with the release of further obligations related to contracts assigned to us concurrent with the closing of the LEEVAC transaction.
(3)
Amounts settled for working capital are subject to a working capital true up between us and LEEVAC.
Pro Forma Results of Operations Assuming LEEVAC Acquisition
The table below presents our pro forma results of operations for the three and six months ended June 30, 2015 assuming that we acquired substantially all of the assets and certain specified liabilities of LEEVAC on January 1, 2015 (in thousands):
Three Months Ended June 30, 2015
 
Pro forma adjustments
 
 
 
 
 
Historical results
 
LEEVAC
 
Adj
 
 
Pro forma results
Revenue
 
$
84,338

 
$
24,375

 
$
—

 
 
$
108,713

Net income (loss)
 
$
1,357

 
$
(2,166
)
 
$
860

(1) 
 
$
51

Six Months Ended June 30, 2015
 
Pro forma adjustments
 
 
 
 
 
Historical results
 
LEEVAC
 
Adj
 
 
Pro forma results
Revenue
 
$
183,571

 
$
49,093

 
$
—

 
 
$
232,664

Net income (loss)
 
$
1,440

 
$
(6,574
)
 
$
1,823

(1) 
 
$
(3,311
)
______________
(1) Adjustments to historical results are as follows:
 
 
Three Months Ended June 30, 2015
 
Six Months Ended June 30, 2015
Effect of purchase price depreciation
 
$
337

 
$
537

Elimination of interest expense
 
523

 
1,286

 
 
$
860

 
$
1,823