Annual report pursuant to Section 13 and 15(d)

Acquisitions (Tables)

v3.6.0.2
Acquisitions (Tables)
12 Months Ended
Sep. 30, 2016
Schedule of consolidated pro-forma unaudited financial statements
Pro Forma, unaudited  

Year Ended

September 30,
2016

   

Year Ended

September 30,
2015

 
             
Net sales   $ 87,973     $ 95,000  
Cost of sales   $ 63,322     $ 70,477  
Operating expenses   $ 23,172     $ 24,337  
Net income (loss)   $ 1,452     $ (3,050 )
Basic income (loss) per common share   $ 0.16     $ (0.68 )
Dilutive income (loss) per common share   $ 0.15     $ (0.68 )
Schedule of consolidated financial statements

The Company's consolidated financial statements for the years ended September 30, 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 years ended September 30, 2016 included in the statement of operations (in Thousands)   Revenue     Net Income  
Scribe Solutions, Inc.   $ 3,915     $ 655  
Agile Resources, Inc.   $ 11,565     $ 839  
Access Data Consulting Corporation   $ 19,211     $ 1,344  
Paladin Consulting, Inc.   $ 14,697     $ 842  

 

The Company's consolidated financial statements for the years ended September 30, 2015 include the actual results of Scribe Solutions Inc. and Agile Resources, Inc., since the date of acquisition, respectively.

 

Revenue and net income for each acquisition for the years ended September 30, 2015 included in the statement of operations (in Thousands)   Revenue     Net Income  
Scribe Solutions, Inc.   $ 2,087     $ 362  
Agile Resources, Inc.   $ 1,550     $ 182  
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. Upon completion of an independent purchase price allocation and valuation, the allocation intangible assets were adjusted accordingly.

 

(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 estimated of fair value, which consist primarily of customer relationships 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 estimated 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
  1,675     Liabilities Assumed
  1,922     Net Assets Purchased
  16,168     Purchase Price
$ 14,246     Intangible Asset from Purchase

 

Intangible asset detail

 

$ 4,579     Intangible asset customer relationships
  757     Intangible asset trade name
  594     Intangible asset non-compete agreement
  8,316     Goodwill
$ 14,246     Intangible Asset from Purchase
Paladin [Member]  
Allocation of intangible assets

The intangibles were recorded, based on the estimated 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.

 

(in Thousands)

 

$ 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

 

$ 947     Intangible asset customer list
  615     Intangible asset trade name
  242     Intangible asset non-compete agreement
  2,054     Goodwill
$ 3,858     Intangible Asset from Purchase