GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill are as follows:

Balance, January 1, 2018	$	4,447,000
Currency translation adjustment		(4,000	)
Balance, June 30, 2018	$	4,443,000

Schedule of Finite-Lived Intangible Assets [Table Text Block]

Other intangible assets were as follows:

	June 30, 2018						December 31, 2017
	Cost		Accumulated ‎ amortization		Net book ‎ value		Cost		Accumulated ‎ amortization		Net book ‎ value
Other intangible assets:
Customer relationships (1)	$	6,831,000	$	1,853,000	$	4,978,000	$	6,836,000	$	1,570,000	$	5,266,000
Trademarks and trade names (1)		2,321,000		—		2,321,000		2,329,000		—		2,329,000
Trademarks and trade names (2)		200,000		25,000		175,000		200,000		19,000		181,000
Engineering drawings		330,000		188,000		142,000		330,000		175,000		155,000
Non-compete agreements (1)		236,000		225,000		11,000		239,000		210,000		29,000
Patents		1,405,000		869,000		536,000		1,405,000		832,000		573,000
Totals	$	11,323,000	$	3,160,000	$	8,163,000	$	11,339,000	$	2,806,000	$	8,533,000

(1)

A portion of these intangibles are maintained in a foreign currency, and are therefore subject to foreign exchange rate fluctuations.

(2)

These were previously considered an indefinite-lived intangible asset of Hy-Tech. However, as the result of a prior impairment, the Company began amortizing these intangible assets over a 15 year useful life.

 The weighted average amortization period for intangible assets was as follows:

	June 30, 2018		December 31, 2017
Customer relationships		9.7		10.1
Trademarks and trade names		13.0		13.5
Engineering drawings		7.9		8.1
Non-compete agreements		2.8		1.8
Patents		8.4		8.8

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Amortization expense of intangible assets subject to amortization was as follows:

Three months ended June 30,				Six months ended June 30,
2018		2017		2018		2017
$	180,000	$	233,000	$	359,000	$	439,000

Amortization expense for each of the next five years and thereafter is estimated to be as follows:

2019	$	687,000
2020		663,000
2021		638,000
2022		635,000
2023		635,000
Thereafter		2,584,000
	$	5,842,000