Annual report pursuant to Section 13 and 15(d)

Acquisitions

v3.19.3.a.u2
Acquisitions
12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
Acquisitions

(4)Acquisitions

Antenna Plus

On April 27, 2017, the Company completed the acquisition of substantially all the assets of Antenna Plus. Goodwill from the acquisition was primarily attributable to the anticipated synergies and economies of scale expected from the operations of the combined business. The synergies include certain cost savings, operating efficiencies, and other strategic benefits projected to be achieved as a result of the acquisition. Goodwill is expected to be deductible for tax purposes.

The following table shows the allocation of the purchase price for Antenna Plus to the acquired identifiable assets, liabilities assumed and goodwill (in thousands):

 

Consideration:

 

 

 

 

Cash

 

$

6,384

 

Contingent consideration arrangement

 

 

(35

)

Fair value of total consideration transferred

 

$

6,349

 

Recognized amounts of identifiable assets acquired and liabilities assumed:

 

 

 

 

Accounts receivable

 

$

584

 

Inventory

 

 

433

 

Fixed assets

 

 

403

 

Intangible assets

 

 

2,600

 

Current liabilities

 

 

(122

)

Identifiable assets, net

 

 

3,898

 

Goodwill

 

 

2,451

 

Total

 

$

6,349

 

Sales associated with the acquired Antenna Plus assets since the date of acquisition was $5.2 million for the year ended December 31, 2017. Cost of goods sold associated with the acquired Antenna Plus assets since the date of acquisition was $2.3 million for the year ended December 31, 2017. Net income associated with the acquired Antenna Plus assets since the date of acquisition was $0.4 million for the year ended December 31, 2017.

Skycross

On December 17, 2015, the Company purchased certain assets of Skycross, Inc. (Skycross), a manufacturer of advanced antenna and radio-frequency solutions. The agreement included a purchase price of $4.0 million and contingent consideration arrangements. In the year ended December 31, 2018, the Company recognized a gain on deferred purchase price liability in settlement of the contingent arrangement as follows (in thousands):

 

Settlement of contingent consideration:

 

 

 

 

Deferred purchase price

 

$

1,000

 

Due to Skycross

 

 

126

 

Due from Skycross

 

 

(362

)

Less consideration paid

 

 

(375

)

Gain on deferred purchase price

 

$

389