Acquisition Of ClearPointt Logistics LLC

12 Months Ended

Dec. 31, 2015

Acquisition Of ClearPointt Logistics LLC [Abstract]

Acquisition Of ClearPointt Logistics LLC

(4)Acquisition of ClearPointt Logistics LLC

On July 27, 2015, the Company purchased ClearPointt, a U.S.-based intermodal logistics company focused on the domestic intermodal market, for approximately $4.1 million. The Company is headquartered in Everett, Washington. ClearPointt has 22 employees and agents and over 280 customers.

The acquisition was recorded during the third quarter of 2015 using the purchase method of accounting as prescribed under ASC 805, Business Combinations. Accordingly, assets acquired and liabilities assumed were recorded at their fair value estimated by management as of July 27, 2015. The purchase price for the acquisition has been allocated to the assets acquired and liabilities assumed as follows (in thousands):

Accounts receivable, net	$	2,683
Property and equipment, net		56
Goodwill		2,905
Intangible assets		1,188
Other assets		72
Total assets		6,904
Accounts payable		2,620
Other liabilities		184
Total liabilities		2,804
Purchase price	$	4,100

Adjustments to record the assets acquired and liabilities assumed at fair value include the recognition of $1.2 million of intangible assets as follows:

	Amount		Estimated Life
Tradename	$	568		5 years
Customer relationships		620		8 years

The Company’s results for the year ended December 31, 2015 include the results of ClearPointt for the period since the date of acquisition. Pro forma financial statements are not presented as they are not material to the Company’s overall financial statements.