The table below presents the allocation of the purchase price to the acquired net assets of Bytewise (in thousands): Cash
$
Accounts receivable Inventories
Other current assets Intangibles Goodwill
Other long-term assets Accounts payable
Accrued compensation costs Accrued expenses
Cash paid to sellers $
298
1,897 1,674 74
9,300 3,034 69
(379) (270) (329)
15,368
Acquisition costs were expensed as incurred and totaled approximately $0.13 million for fiscal year 2012, which are included in selling, general and administrative expenses.
The estimates for definite-lived amortizable intangible assets acquired include approximately $4.95 million for customer relationships, $1.48 million for trademarks and trade names, $2.0 million for completed technology, $0.6 million for non- compete agreements and $0.26 million for order backlog. Amortizable intangible assets are amortized on a straight-line basis over their respective useful lives. The weighted-average amortization period is 9.3 years.
The following table reflects the Bytewise acquisition as if the transaction had occurred as of the beginning of the Company’s fiscal year 2011. The unaudited pro forma information does not necessarily reflect the actual results that would have occurred had the Company and Bytewise been combined during the periods presented (in thousands except per share amounts):
Year Ended 6/30/2012
Unaudited consolidated pro forma revenue Unaudited consolidated pro forma net earnings
Unaudited consolidated pro forma diluted earnings per share
$ $ $
264,036 $ 951 $ 0.14 $
6/30/2011
255,525 7,118 1.06
In fiscal 2010, the Company entered into an agreement with a private software development company to invest $1.5 million over the subsequent twelve to eighteen months in exchange for a 36% equity interest in the software development company. The Company invested $0.3 million and $1.2 million in fiscal 2012 and 2011, respectively, and recorded other income of $0.2 million in fiscal 2012 and other loss of $0.6 million in fiscal 2011 under the equity method of accounting. The net carrying value of the investment included in other long term assets in the Consolidated Balance Sheet as of June 30, 2012 and June 30, 2011 is $1.2 million and $0.9 million, respectively. In August 2011, the Company guaranteed a loan of $0.5 million between the private software development company and a lender.
26 B26
10-K
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