Annual report pursuant to Section 13 and 15(d)

Business Acquisition (Tables)

v3.10.0.1
Business Acquisition (Tables)
12 Months Ended
Sep. 30, 2018
Business Combinations [Abstract]  
Schedule of fair values of assets acquired and liabilities assumed
The fair values of assets acquired and liabilities assumed, and the estimated useful lives of intangible assets acquired, are as follows (in thousands):
Contracts receivable including retainage
 
$
9,184

Costs and estimated earnings in excess of billings on uncompleted contracts
 
1,787

Inventory
 
4,323

Other current assets (1)
 
731

Property, plant and equipment:
 
 
Construction equipment
 
17,571

Quarry reserves
 
13,986

Land and land improvements
 
7,302

Plant
 
6,917

Buildings
 
1,552

Backlog intangible (2)
 
594

Customer relationship (3)
 
1,100

Goodwill
 
2,319

Accounts payable
 
(3,646
)
Billings in excess of costs and estimated earnings on uncompleted contracts
 
(4,589
)
Current maturities of long-term debt
 
(358
)
Other current liabilities
 
(1,770
)
Payable to seller
 
(4,940
)
Long-term debt, net of current maturities
 
(744
)
 
 
$
51,319

 
 
 
(1) Other current assets excludes cash acquired
(2) The estimated useful life of the backlog intangible asset is 17 months
(3) The estimated useful life of the customer relationship intangible is 8 years
The following summarizes the fair value of identifiable assets acquired (in thousands):
Inventory
$
1,179

Quarry reserves
4,800

Land
1,746

Plant
1,247

Equipment
1,228

Goodwill
643

 
$
10,843

 
 
Schedule of pro forma revenues and net income - Scruggs acquisition
The following presents pro forma revenues and net income as though the Scruggs Acquisition had occurred on October 1, 2016 (unaudited, in thousands):

 
For the Fiscal Year Ended September 30,

 
2018
 
2017
Pro forma revenues
 
$
735,197

 
$
661,979

Pro forma net income
 
55,558

 
34,671