Goodwill and Intangible Assets

6 Months Ended

Sep. 30, 2011

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 6 – Goodwill and Intangible Assets

The changes in the balance of goodwill during the six months ended September 30, 2011 were as follows (in thousands):

Balance, March 31, 2011, as previously reported	$	12,608
Revision to allocation of Hicksgas acquisition	(4,040		)
Balance March 31, 2011, as retrospectively adjusted	8,568
Retail propane acquisitions	550
Balance, September 30, 2011	$	9,118

Goodwill by segment is as follows:

	September 30,		March 31,
	2011		2011
	(in thousands)
Retail propane	$	7,084	$	6,534
Wholesale supply and marketing	2,034		2,034
	$	9,118	$	8,568

Our intangible assets consist of the following as of the dates indicated:

		September 30, 2011				March 31, 2011
		Gross Carrying		Accumulated		Gross Carrying		Accumulated
	Useful Lives	Amount		Amortization		Amount		Amortization
		(in thousands)
Amortizable –
Supply and storage agreements	8 years	$	1,802	$	801	$	1,802	$	400
Customer lists	8-10 years	2,282		304		2,033		154
Customer relationships	15 years	2,170		147		2,170		200
Non-compete agreements	2-6 years	1,750		590		1,550		239
Debt issuance costs	5 years	6,860		1,220		4,928		565
Total amortizable		14,864		3,062		12,483		1,558
Non-Amortizable –
Trade names	Indefinite	830		—		830		—
Total		$	15,694	$	3,062	$	13,313	$	1,558

Expected amortization of our amortizable intangible assets is as follows (in thousands):

Year Ending March 31,
2012 (six months)	$	1,614
2013	2,850
2014	1,999
2015	1,978
2016	1,453
Thereafter	1,908
	$	11,802

Amortization expense was as follows:

	Three Months Ended September 30,				Six Months Ended September 30,
Recorded in	2011		2010		2011		2010
	(in thousands)				(in thousands)
Cost of sales	$	200	$	200	$	400	$	400
Depreciation and amortization	267		192		449		392
Interest expense	303		21		655		43
	$	770	$	413	$	1,504	$	835