Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 292

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1A
Chunk 292
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 Accounts receivable, net   2,166   5,339   10,597 
 Prepaid expenses and other   2   -   740 
 Inventories, net   3,451   3,906   17,236 
 Property and equipment   13,662   16,193   20,408 
 Goodwill   31,727   8,401   33,194 
 Intangible assets   29,890   9,590   54,740 
 Right-of-use and other long-term assets   -   917   6,930 
 Total assets acquired   80,898   44,346   145,573 
 Total liabilities assumed   (898)  (4,054)  (14,369)
 Cash paid  $80,000  $40,292  $131,204 

   The accompanying Consolidated Statements of Comprehensive Income include the revenues and expenses of Metal Works, CTB and Metal-Fab since  November 11, 2024,  October 2, 2023 and  January 3, 2023, respectively.  Metal Work's and Metal-Fab's operations are included within the carbon flat-rolled segment and CTB's operations are included within the tubular and pipe segment. The combined net sales for the 2024 and 2023 acquisitions totaled $4.7 million and $110.3 million, respectively. 

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   In connection with the acquisition of Metal Works, the Company identified and valued certain intangible assets, including the Metal Works trade name, internally developed technology and know-how, restrictive covenants and customer relationships. The intangible assets were valued on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology. The trade name intangible asset was valued at $5.2 million, and the useful life was determined to be indefinite primarily due to their history, reputation in the marketplace, the Company's expectation that the trade name will continue to be used, and the conclusion that there are currently no other factors identified that would limit their useful life. The internally developed technology and know-how intangible asset was valued at $1.9 million, and the useful life was determined to be 10 years. The non-compete agreements intangible assets were valued at