Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 647

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 4
Chunk 647
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 determined to be 15 years.  The non-compete agreements intangible asset was valued at $1.4 million, and the useful life was determined to be the length of the non-compete agreements, which range from two to five years.  The customer relationships intangible asset was valued at $36.5 million, and the useful life was determined to be 26 years, based primarily on the consistent and predictable revenue source associated with the existing customer base, the present value of which extends through the 26-year amortization period.  

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   Pro Forma Financial Information
    
   The following pro forma summary of financial results presents the consolidated results of operations as if the Metal-Fab acquisition had occurred on  January 1, 2022, after the effect of certain adjustments.  The historical consolidated financial information has been adjusted to give effect of the impact of the consideration issued by the Company to Metal-Fab's stockholders in connection with the acquisition and the effect of debt refinancing necessary to complete the transaction.  The pro forma summary also includes certain purchase price accounting adjustments, including the items expected to have a continuing impact on combined results, such as depreciation and amortization expense on acquired assets.  The pro forma combined financial information does not reflect the cost of any integration activities or benefits that  may result from synergies that  may be derived from integration activities. 
    
   The pro forma results have been presented for comparative purposed only and are not indicative of what would have occurred had the acquisition been made on  January 1, 2022, or of any potential results that  may occur in the future.  The Metal Works and CTB acquisitions were not considered to be material for a pro forma historical analysis. 

      For the twelve months ended December 31, 2022 
                 
   Historical OSI    Historical Metal-Fab    Pro Forma Adjustments    Pro Forma Combined  
 (in thousands, except per share amounts)                 
 Pro forma:                 
 Net sales  $2,559,990  $95,528  $736  $2,656,254 
 Net income (loss)   90,931   16,538   (12,850)  94,619 
                 
 Basic earnings per share   7.87   1.43   (1.11