Quarterly report pursuant to sections 13 or 15(d)

Intangible Assets

v2.4.0.8
Intangible Assets
9 Months Ended
Sep. 30, 2013
Intangible Assets

8. INTANGIBLE ASSETS

The following is a summary of intangible assets as of September 30, 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, September 30, 2013             

 

  17,560

  

 

 

  1,663

  

 

 

  19,223

  

Useful lives             

 

1020 years

  

 

 

35 years

  

 

 

 

 

Accumulated amortization

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2013             

 

(4,238

) 

 

 

(875

) 

 

 

(5,113

) 

Amortization expense             

 

(885

)  

 

 

(271

)  

 

 

(1,156

)  

Balance, September 30, 2013             

 

(5,123

)  

 

 

(1,146

)  

 

 

(6,269

)  

Net book value             

$

  12,437

  

 

$

  517

  

 

$

  12,954

  

 

Cost

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2012             

$

  15,910

  

 

$

  1,566

  

 

$

  17,476

  

Balance, December 31, 2012             

 

  15,910

  

 

 

  1,566

  

 

 

  17,476

  

Useful lives             

 

1020 years

  

 

 

35 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

  

As of September 30, 2013, amortization expense related to the intangible assets was $402 and $1,156 for the three and nine months ended September 30, 2013, respectively, and was $362 and $1,085 for the three and nine months ended September 30, 2012, respectively.

As of September 30, 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:

 

2013 (remainder of)             

$

  367

  

2014             

 

  1,422

  

2015             

 

  1,291

  

2016             

 

  1,236

  

2017             

 

  1,135

  

Thereafter             

 

  7,503

  

Total             

$

  12,954