This excerpt taken from the MTRX 10-Q filed Apr 9, 2009.
Purchase of S.M. Electric Company, Inc.
On February 5, 2009 the Companys wholly owned subsidiary Matrix Service Industrial Contractors, Inc. acquired S.M. Electric Company, Inc. (SME). The purchase price consisted primarily of the repayment of SMEs bank indebtedness and the repayment of certain indebtedness to SMEs former owners. SME, located in Rahway, New Jersey, provides electrical and contracting services to industrial and utility customers in the Northeastern United States. SME has contracts and performs work in both the Repair and Maintenance and Construction Services segments; therefore, SMEs financial results are included in both operating segments from February 5, 2009.
Matrix Service Company
Notes to Consolidated Financial Statements
The purchase prices were allocated to the major categories of assets and liabilities based upon their estimated fair values at their respective acquisition dates. The following table summarizes the preliminary purchase price allocation of the acquisitions which is subject to change as we complete our valuation of certain acquired assets and liabilities:
The operating data related to these acquisitions was not material. Both acquisitions were funded with cash on hand.