Astronics Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

Acquisitions (Tables)

6 Months Ended

Jun. 28, 2014

The following table summarizes acquired intangible assets as follows:


			June 28, 2014				December 31, 2013
(In thousands)	Weighted Average Life		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents		7 Years	$	2,146	$	984	$	2,146	$	891
Trade Names		8 Years		7,453		893		7,453		552
Completed and Unpatented Technology		9 Years		16,667		3,356		15,377		2,620
Backlog and Customer Relationships		11 Years		86,867		10,941		88,998		7,210

Total Intangible Assets		8 Years	$	113,133	$	16,174	$	113,974	$	11,273

Allocation of Purchase Price Based on Appraised Fair Values

The allocation of purchase price based on appraised fair values was as follows (In thousands):


Accounts Receivable	$	1,712
Inventory		4,009
Prepaid Deposits		687
Fixed Assets		448
Purchased Intangible Assets		13,800
Goodwill		1,610
Other Assets		65
Accounts Payable		(286	)
Accrued Expenses		(543	)
Customer Deposits		(4,048	)

Total Purchase Price	$	17,454

Consolidated Results of Operation of Company with Acquired Business

The pro forma consolidated results include the impact of certain adjustments, including increased interest expense on acquisition debt, amortization of purchased intangible assets and income taxes.


	Six Months Ended				Three Months Ended
(in thousands, except earnings per share)	June 28, 2014 as Reported		June 29, 2013 Pro Forma		June 28, 2014 as Reported		June 29, 2013 Pro Forma

Sales	$	315,514	$	187,197	$	174,563	$	92,286
Net Income		20,651		15,803		13,144		6,647
Basic earnings per share		1.15		0.91		0.73		0.38
Diluted earnings per share		1.09		0.87		0.70		0.37

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Summary of Acquired Intangible Assets

The amounts allocated to the purchased intangible assets consist of the following:


(In thousands)	Weighted Average Life	Acquisition Fair Value
Trademark	10 Years	$	800
Technology	10 Years		5,300
Customer Relationship	12 Years		7,700

		$	13,800