ITEM 8.01 OTHER EVENTS

On June 1, 2020, Mesa Laboratories, Inc. ("Mesa") issued a Form 10-K for the fiscal year ended March 31, 2020. The disclosure of unaudited pro forma revenues and unaudited pro forma net income for the year ended March 31, 2020 that are included in Item 8. Financial Statements and Supplementary Data, Note 4. Significant Transactions contains an immaterial error. The disclosure below corrects the error. We also intend to disclose this correction in the footnotes to our Form 10-Q for the period ending June 30, 2020.

Unaudited Pro Forma Information

GPT's operations contributed $13,830 to revenues and ($7,433) of net loss to our consolidated results during the year ended March 31, 2020. We included the operating results of GPT in our Consolidated Statements of Operations beginning on November 1, 2019, subsequent to the acquisition date. The following pro forma financial information presents the combined results of operations of Mesa and GPT as if the acquisition had occurred on April 1, 2018 after giving effect to certain pro forma adjustments. The pro forma adjustments reflected only include those adjustments that are directly attributable to the GPT Acquisition, factually supportable and have a recurring impact; they do not reflect any adjustments for anticipated expense savings resulting from the acquisition and are not necessarily indicative of the operating results that would have actually occurred had the transaction been consummated on April 1, 2018 or of future results.





                                    Year Ended March 31,
                                     2020           2019

Pro forma total revenues (1) $ 136,792 $ 134,843 Pro forma net income (loss) (2) 13,441 (7,269 )

(1) Net revenues were adjusted to include net revenues of GPT.

(2) Pro forma adjustments to net earnings attributable to Mesa include the following:





  ? Excludes acquisition-related transaction costs incurred in the year ended
    March 31, 2020.
  ? Excludes interest expense attributable to GPT's external debt that was paid
    off as part of the acquisition.
  ? Additional amortization expense of $5,718 and $9,774 for the years ended March
    31, 2020 and March 31, 2019, respectively, based on the adjusted fair value of
    amortizable intangible assets acquired.
  ? Additional charge to cost of revenues of $11,818 was included in the year
    ended March 31, 2019 based on the step up value of inventory. $8,502 was
    excluded from the year ended March 31, 2020 based on the step up value of
    inventory which would have been included and fully amortized within the first
    year of the acquisition.
  ? Removal of non-cash impairment of goodwill in the amount of $20,676 recorded
    during GPT's fiscal year ended December 31, 2018, which would not have been
    taken had the acquisition occurred on January 1, 2018.
  ? Additional stock based compensation expense representing expense for
    performance share units awarded to certain key GPT employees.
  ? Income tax effect of the adjustments made at a blended federal and state
    statutory rate (approximately 25%).

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