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

Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

Acquisitions (Tables)

9 Months Ended

Sep. 27, 2014

The following table summarizes acquired intangible assets as follows:


			September 27, 2014				December 31, 2013
(In thousands)	Weighted Average Life		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Patents		7 Years	$	2,146	$	1,031	$	2,146	$	891
Trade Names		9 Years		8,344		1,104		7,453		552
Completed and Unpatented Technology		7 Years		16,958		3,743		15,377		2,620
Backlog and Customer Relationships		11 Years		91,771		18,056		88,998		7,210

Total Intangible Assets		9 Years	$	119,219	$	23,934	$	113,974	$	11,273

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	15 Years	$	955
Technology	5-10 Years		1,637
Customer Relationships	16-19 Years		3,000

		$	5,592

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.


	Nine Months Ended				Three Months Ended
(in thousands, except earnings per share)	Sept. 27, 2014 as Reported		Sept. 28, 2013 Pro Forma		Sept. 27, 2014 as Reported		Sept. 28, 2013 Pro Forma

Sales	$	494,956	$	280,714	$	179,442	$	93,517
Net Income		37,731		23,034		17,080		7,230
Basic earnings per share		1.74		1.10		0.79		0.35
Diluted earnings per share		1.67		1.05		0.75		0.33

PGA electronic S.A.

Allocation of Purchase Price Based on Appraised Fair Values

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


Cash	$	8,699
Accounts Receivable		9,015
Inventory		12,542
Other Current Assets		1,429
Fixed Assets		10,741
Purchased Intangible Assets		5,592
Goodwill		7,440
Other Assets		74
Current Portion of Long Term Debt		(1,672	)
Accounts Payable		(6,179	)
Accrued Expenses and Other Current Liabilities		(3,387	)
Customer Deposits		(4,601	)
Long Term Debt		(5,115	)
Other Long term Liabilities		(3,315	)

Total Purchase Price	$	31,263

AeroSat [Member]

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 Relationships	12 Years		7,700

		$	13,800

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

Astronics Test Systems [Member]

Allocation of Purchase Price Based on Appraised Fair Values

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


Accounts Receivable	$	10,593
Inventory		59,013
Other Current Assets		677
Fixed Assets		19,425
Purchased Intangible Assets		7,103
Current Portion of Long Term Debt		(1,124	)
Accounts Payable		(10,777	)
Accrued Expenses and Other Current Liabilities		(3,489	)
Long Term Debt		(11,976	)

Total Purchase Price	$	69,445