Annual report pursuant to section 13 and 15(d)

Intangible Assets

v2.4.0.8
Intangible Assets
12 Months Ended
Dec. 31, 2013
Intangible Assets

8. INTANGIBLE ASSETS

The following is a summary of intangible assets as of December 31, 2013 and December 31, 2012:

 

 

  

Customer
Relationships

 

 

Other
Intangible
Assets

 

 

Total

 

Cost

  

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2013

  

$

15,910

  

 

$

1,566

  

 

$

17,476

  

Acquisition of certain assets of Ten-Sixty

  

 

1,650

  

 

 

97

  

 

 

1,747

  

Balance, December 31, 2013

  

 

17,560

  

 

 

1,663

  

 

 

19,223

  

Useful lives

  

 

10-20 years

  

 

 

3-5 years

  

 

 

 

 

Accumulated amortization

  

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2013

  

 

(4,238

)

 

 

(875

)

 

 

(5,113

)

Amortization expense

  

 

(1,172

)

 

 

(349

)

 

 

(1,521

)

Balance, December 31, 2013

  

 

(5,410

)

 

 

(1,224

)

 

 

(6,634

)

Net book value

  

$

12,150

  

 

$

439

  

 

$

12,589

  

 

Cost

  

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2012

  

$

15,910

  

 

$

1,566

  

 

$

17,476

  

Balance, December 31, 2012

  

 

15,910

  

 

 

1,566

  

 

 

17,476

  

Useful lives

  

 

10-20 years

  

 

 

3-5 years

  

 

 

 

 

Accumulated amortization

  

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2012

  

 

(3,144

)

 

 

(522

)

 

 

(3,666

)

Amortization expense

  

 

(1,094

)

 

 

(353

)

 

 

(1,447

)

Balance, December 31, 2012

  

 

(4,238

)

 

 

(875

)

 

 

(5,113

)

Net book value

  

$

11,672

  

 

$

691

  

 

$

12,363

  

Amortization expense related to intangible assets was $1,521 for the year ended December 31, 2013.

Amortization related to the Company’s finite life intangible assets is scheduled to be expensed over the next five years and thereafter as follows:

 

2014

  

$

1,422

  

2015

  

 

1,291

  

2016

  

 

1,236

  

2017

  

 

1,135

  

2018

  

 

1,001

 

Thereafter

  

 

6,504

 

Total

  

$

12,589