INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2013

INTANGIBLE ASSETS

INTANGIBLE ASSETS

NOTE 6 — INTANGIBLE ASSETS

Intangible assets represent the fair value assigned to definite-lived assets such as trade names and customer relationships as part of the Company’s acquisition of Brad Foote completed during 2007. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 10 to 20 years. The Company tests intangible assets for impairment when events or circumstances indicate that the carrying value of these assets may not be recoverable. During the first quarter of 2013, the Company identified triggering events associated with the Company’s current period operating loss combined with its history of continued operating losses. As a result, the Company evaluated the recoverability of certain of its identifiable intangible assets. Based upon the Company’s assessment, the recoverable amount was substantially in excess of the carrying amount of the intangible assets, and no impairment to these assets was indicated as of March 31, 2013.

As of March 31, 2013 and December 31, 2012, the cost basis, accumulated amortization and net book value of intangible assets were as follows:

	March 31, 2013							December 31, 2012
						Net							Net
	Cost		Accumulated			Book		Cost		Accumulated			Book
	Basis		Amortization			Value		Basis		Amortization			Value
Intangible assets:
Customer relationships	$	3,979	$	(3,008	)	$	971	$	3,979	$	(2,444	)	$	1,535
Trade names	7,999		(2,180		)	5,819		7,999		(2,080		)	5,919
Intangible assets	$	11,978	$	(5,188	)	$	6,790	$	11,978	$	(4,524	)	$	7,454