Acquisitions (Tables)
|
6 Months Ended |
Mar. 31, 2016 |
|---|
| Schedule of consolidated pro-forma unaudited financial statements |
(in Thousands, except per share data)
| Pro Forma, unaudited |
|
Three Months
Ended
March 31,
2015
|
|
|
Six Months
Ended
March 31,
2016
|
|
|
Six Months
Ended
March 31,
2015
|
|
| Net sales |
|
|
23,019 |
|
|
|
44,076 |
|
|
|
45,931 |
|
| Cost of sales |
|
|
17,348 |
|
|
|
31,863 |
|
|
|
34,427 |
|
| Operating expenses |
|
|
5,774 |
|
|
|
11,985 |
|
|
|
11,502 |
|
| Net income (loss) |
|
|
422 |
|
|
|
(530 |
) |
|
|
(2,668 |
) |
| Basic income (loss) per common share |
|
|
0.05 |
|
|
|
(0.06 |
) |
|
|
(0.26 |
) |
| Dilutive income (loss) per common share |
|
|
0.04 |
|
|
|
(0.06 |
) |
|
|
(0.26 |
) |
|
| Schedule of consolidated financial statements |
The Company's consolidated financial statements
for the three and six months ended March 31, 2016 include the actual results of Scribe Solutions Inc., Agile Resources, Inc., Access
Data Consulting Corporation and Paladin Consulting, Inc. since the date of acquisition, respectively.
| Revenue and net income for each acquisition for the 3 months ended March 31, 2016 included in the statement of operations |
|
Revenue |
|
|
Net Income |
|
| Scribe Solutions, Inc. |
|
$ |
1,225 |
|
|
$ |
288 |
|
| Agile Resources, Inc. |
|
$ |
3,283 |
|
|
$ |
391 |
|
| Access Data Consulting Corporation |
|
$ |
4,718 |
|
|
$ |
324 |
|
| Paladin Consulting, Inc. |
|
$ |
4,553 |
|
|
$ |
30 |
|
| Revenue and net income for each acquisition for the 6 months ended March 31, 2016 included in the statement of operations |
|
Revenue |
|
|
Net Income |
|
| Scribe Solutions, Inc. |
|
$ |
2,399 |
|
|
$ |
476 |
|
| Agile Resources, Inc. |
|
$ |
5,889 |
|
|
$ |
481 |
|
| Access Data Consulting Corporation |
|
$ |
9,454 |
|
|
$ |
721 |
|
| Paladin Consulting, Inc. |
|
$ |
4,553 |
|
|
$ |
30 |
|
|
| Scribe [Member] |
|
| Allocation of intangible assets |
The intangibles were recorded, based on the
Company's estimate of fair value, which consist primarily of customer lists and trade name with an estimated life of ten years
and goodwill.
(in Thousands)
| $ |
676 |
|
|
Assets Purchased |
| |
452 |
|
|
Liabilities Assumed |
| |
224 |
|
|
Net Assets Purchased |
| |
7,730 |
|
|
Purchase Price |
| $ |
7,506 |
|
|
Intangible Asset from Purchase |
The primary intangible assets acquired have
been identified as the customer list, trade name and goodwill and have been allocated as follows:
| $ |
1,470 |
|
|
Customer list |
| |
746 |
|
|
Trade name |
| |
5,290 |
|
|
Goodwill |
| $ |
7,506 |
|
|
|
|
| Agile [Memeber] |
|
| Allocation of intangible assets |
The intangibles were recorded, based on the
Company's estimate of fair value, which consist primarily of customer lists with an estimated life of five to ten years and goodwill.
(in Thousands)
| $ |
1,571 |
|
|
Assets Purchased |
| |
1,479 |
|
|
Liabilities Assumed |
| |
92 |
|
|
Net Assets Purchased |
| |
3,507 |
|
|
Purchase Price |
| $ |
3,415 |
|
|
Intangible Asset from Purchase |
Intangible asset detail
| $ |
1,071 |
|
|
Intangible asset customer list |
| |
295 |
|
|
Intangible asset trade name |
| |
225 |
|
|
Intangible asset non-compete agreement |
| |
1,824 |
|
|
Goodwill |
| $ |
3,415 |
|
|
Intangible Asset from Purchase |
|
| Access [Member] |
|
| Allocation of intangible assets |
The intangibles were recorded, based on the
Company's estimate of fair value, which consist primarily of customer lists with an estimated life of five to ten years and goodwill.
(in Thousands)
| $ |
3,597 |
|
|
Assets Purchased |
| |
1,659 |
|
|
Liabilities Assumed |
| |
1,938 |
|
|
Net Assets Purchased |
| |
15,568 |
|
|
Purchase Price |
| $ |
13,630 |
|
|
Intangible Asset from Purchase |
Intangible asset detail
| $ |
4,566 |
|
|
Intangible asset customer list |
| |
756 |
|
|
Intangible asset trade name |
| |
593 |
|
|
Intangible asset non-compete agreement |
| |
7,715 |
|
|
Goodwill |
| $ |
13,630 |
|
|
Intangible Asset from Purchase |
|
| Paladin [Member] |
|
| Allocation of intangible assets |
The intangibles were recorded, based on the
Company's estimate of fair value, which are expected to consist primarily of customer lists, trade name and a non-compete agreement
with estimated lives of five to ten years and goodwill. Upon completion of an independent purchase price allocation and valuation,
the allocation intangible assets will be adjusted accordingly.
| $ |
2,460 |
|
|
Assets Purchased |
| |
3,693 |
|
|
Liabilities Assumed |
| |
(1,233) |
|
|
Net Assets Purchased |
| |
2,625 |
|
|
Purchase Price |
| $ |
3,858 |
|
|
Intangible Asset from Purchase |
Intangible asset detail
| $ |
700 |
|
|
Intangible asset customer list |
| |
640 |
|
|
Intangible asset trade name |
| |
260 |
|
|
Intangible asset non-compete agreement |
| |
2,258 |
|
|
Goodwill |
| $ |
3,858 |
|
|
Intangible Asset from Purchase |
|