BUSINESS COMBINATIONS (Tables)
 9 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
Summary of Assets Acquired and Liabilities Assumed

The following table summarizes the values of the assets acquired and liabilities assumed at the date of acquisition (in thousands):

 

Cash consideration

 

$

33,655

 

Contingent consideration

 

 

1,510

 

 

 

$

35,165

 

Allocation of purchase price:

 

 

 

 

Current assets, including cash of $492

 

$

2,204

 

Property and equipment

 

 

1,869

 

Accounts payable and accrued liabilities

 

 

(906

)

Net tangible assets

 

 

3,167

 

Identifiable intangible assets

 

 

16,450

 

Goodwill

 

 

15,548

 

Total purchase price

 

$

35,165

 

 
Schedule of Intangible Assets Identified

The following table presents the intangible assets identified in the transaction:

 

Category

 

Estimated fair value

(in thousands)

 

 

Estimated useful life

(in years)

 

Customer relationships

 

 

10,130

 

 

 

9.5

 

Internally-developed IP, processes and recipes

 

 

4,820

 

 

 

15.0

 

Trade name/Trademarks

 

 

1,500

 

 

 

10.0

 

Total identifiable intangible assets

 

$

16,450

 

 

 

 

 

 
Schedule of Unaudited Pro Forma Information

The following unaudited pro forma information assumes the acquisition of Adesis occurred at the beginning of the respective periods presented (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Unaudited Pro Forma Information

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Revenue

 

$

30,347

 

 

$

40,698

 

 

$

127,970

 

 

$

133,319

 

Net income

 

 

(2,241

)

 

 

5,903

 

 

 

19,821

 

 

 

(1,752

)