Quarterly report pursuant to sections 13 or 15(d)

Other Intangible Assets

v2.3.0.11
Other Intangible Assets
3 Months Ended
Mar. 31, 2012
Other Intangible Assets [Abstract]  
Other Intangible Assets
4.
Other Intangible Assets
 
The following table summarizes information relating the Company's Other intangible assets:

 
 
 
  
March 31, 2012
  
December 31, 2011
 
 
 
Useful
  
Gross
  
 
  
Net
  
Gross
  
 
  
Net
 
 
 
Lives
  
Carrying
  
Accumulated
  
Carrying
  
Carrying
  
Accumulated
  
Carrying
 
 
 
(Years)
  
Amount
  
Amortization
  
Amount
  
Amount
  
Amortization
  
Amount
 
Intangibles (amount in thousands)
 
 
  
 
  
 
  
 
  
 
  
 
  
 
 
Patent
  8-18  $402  $(84) $318  $402  $(77) $325 
Software
  3   296   (79)  217   158   (66)  92 
Non-compete agreement
  5   265   (22)  243   265   (9)  256 
Customer contracts
  0.5   445   (361)  84   445   (144)  301 
Customer relationships
  12   3,370   (213)  3,157   3,370   (86)  3,284 
Total
     $4,778  $(759) $4,019  $4,640  $(382) $4,258 
 
Intangible assets recorded as a result of the acquisition of SEC on October 31, 2011 included a non-compete agreement, customer relationships, customer contracts, and software ($4,000) which were recorded at fair market value of approximately $4,084,000 (see "Note 3 -Business Acquisition" for the purchase price allocation of SEC).  The intangible assets acquired are amortized on a straight-line basis over their useful lives with the exception of customer relationships which are being amortized using an accelerated method.  The following table summarizes the expected amortization over the next five years for our definite-lived intangible assets noted above and includes the only one definite-lived permit, which is at our DSSI facility.  This permit of approximately $545,000 was capitalized in 2009 in connection with the authorization issued by the U.S. EPA to commercially store and dispose of radioactive PCBs.  This permit is being amortized over a ten year period in accordance with its estimated useful life.
 
   
Amount
 
Year
 
(In thousands)
 
   
 
 
2012 (remaining)
 $550 
2013
  575 
2014
  519 
2015
  471 
2016
  429 
   $2,544 

Amortization expense relating to intangible assets for the Company was $390,000 and $21,000 for the three months ended March 31, 2012 and 2011, respectively.