Intangible Assets

12 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

Intangible assets consisted of the following as of June 30, 2014: 

	June 30,
(dollars in thousands)	2014			2013
Intangible asset - Non-compete agreement 1
Gross carrying amount	$	90		N/A
Accumulated amortization	(4		)	N/A
Net carrying amount	$	86

^1.  There were no intangible assets outstanding at June 30, 2013.

The non-compete agreement included as an intangible asset was acquired effective June 1, 2014, in connection with the acquisition of Galileo. This finite-lived identifiable intangible asset is amortized on a straight-line basis over its estimated useful life. As of June 30, 2014, the remaining weighted-average estimated useful life is approximately 1.9 years.

Amortization expense totaled $4,000 for the year ended June 30, 2014. There was no amortization expense for the years ended June 30, 2013, and 2012. Amortization expense is included in depreciation and amortization on the Consolidated Statements of Operations.

Estimated aggregate annual amortization expense for the intangible asset in each of the five succeeding fiscal years assuming no new acquisitions or impairments is as follows:

(dollars in thousands)	Amortization Expense
2015	$	45
2016	41
2017	—
2018	—
2019	—