| Schedule of Purchase Price Allocation by Acquisitions |
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|
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|
|
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|
2011 |
|
2012 |
|
AEG |
|
Ameresco Southwest |
|
AIS |
|
FAME |
Cash |
$ |
314,642 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
809,557 |
|
Accounts receivable |
4,138,015 |
|
|
14,149,703 |
|
|
— |
|
|
320,997 |
|
Costs and estimated earnings in excess of billings |
— |
|
|
11,269,294 |
|
|
163,340 |
|
|
— |
|
Inventory |
— |
|
|
— |
|
|
47,193 |
|
|
— |
|
Prepaid expenses and other current assets |
62,345 |
|
|
33,329 |
|
|
— |
|
|
107,715 |
|
Project development costs |
— |
|
|
— |
|
|
130,044 |
|
|
— |
|
Property and equipment and project assets |
7,301 |
|
|
6,447,299 |
|
|
216,297 |
|
|
43,115 |
|
Goodwill |
8,728,169 |
|
|
16,545,434 |
|
|
1,549,467 |
|
|
2,291,163 |
|
Intangible assets |
4,904,000 |
|
|
7,019,000 |
|
|
2,557,000 |
|
|
1,712,021 |
|
Other assets |
52,062 |
|
|
— |
|
|
— |
|
|
100 |
|
Accounts payable |
(1,610,734 |
) |
|
(1,992,748 |
) |
|
— |
|
|
(5,713 |
) |
Accrued liabilities |
(1,011,032 |
) |
|
(3,414,198 |
) |
|
(65,627 |
) |
|
(600,156 |
) |
Billings in excess of cost and estimated earnings |
— |
|
|
— |
|
|
(100,573 |
) |
|
(160,939 |
) |
Deferred taxes and other liabilities |
(3,591,532 |
) |
|
— |
|
|
— |
|
|
(30,910 |
) |
Purchase price |
$ |
11,993,236 |
|
|
$ |
50,057,113 |
|
|
$ |
4,497,141 |
|
|
$ |
4,486,950 |
|
Total, net of cash received |
$ |
11,678,594 |
|
|
$ |
50,057,113 |
|
|
$ |
4,497,141 |
|
|
$ |
3,677,393 |
|
Total fair value of consideration |
$ |
11,993,236 |
|
|
$ |
50,057,113 |
|
|
$ |
4,497,141 |
|
|
$ |
4,486,950 |
|
|
| Schedule of Results of Acquired Companies |
The year-to-date revenue and pre-tax income (loss) of the acquisitions, including the amortization of acquired intangible assets, is as follows:
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|
Three Months Ended September 30, 2012 |
|
AEG |
|
Ameresco Southwest |
|
AIS |
|
Revenue |
$ |
4,016,327 |
|
|
$ |
14,595,348 |
|
|
$ |
1,998,577 |
|
|
Pre-tax income (loss) |
$ |
169,900 |
|
|
$ |
1,504,066 |
|
|
$ |
(281,288 |
) |
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2012 |
|
AEG |
|
Ameresco Southwest |
|
AIS |
|
Revenue |
$ |
12,716,577 |
|
|
$ |
37,986,302 |
|
|
$ |
8,015,249 |
|
|
Pre-tax income (loss) |
$ |
817,837 |
|
|
$ |
2,775,583 |
|
|
$ |
(241,073 |
) |
|
|
| Pro Forma Information |
Financial information for the period prior to the dates of the acquisitions have been provided by the sellers for purposes of this pro forma unaudited presentation:
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|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2011 |
|
2012 |
|
2011 |
|
2012 |
|
Pro forma |
|
Actual |
|
Pro forma |
|
Actual |
Revenue |
$ |
238,048,397 |
|
|
$ |
163,906,205 |
|
|
$ |
592,947,701 |
|
|
$ |
474,579,479 |
|
Income |
$ |
12,312,191 |
|
|
$ |
6,771,182 |
|
|
$ |
25,082,193 |
|
|
$ |
13,445,348 |
|
Basic earnings per share |
$ |
0.29 |
|
|
$ |
0.15 |
|
|
$ |
0.59 |
|
|
$ |
0.30 |
|
Diluted earnings per share |
$ |
0.27 |
|
|
$ |
0.15 |
|
|
$ |
0.55 |
|
|
$ |
0.29 |
|
|