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NOTE 5 – INTANGIBLE ASSETS:
Intangible assets are comprised of the following:
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Weighted Average Amortization Period |
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Gross Carrying Amount |
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Accumulated Amortization |
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Net Carrying Amount |
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At December 31, 2023 |
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Intangibles subject to amortization: |
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Customer relationships |
8 - 20 years |
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$ |
16,200 |
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$ |
1,616 |
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$ |
14,584 |
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Technology and technical know-how |
10 - 20 years |
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12,600 |
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1,346 |
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11,254 |
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Backlog |
4 years |
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3,900 |
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3,505 |
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|
395 |
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Tradename |
3 years |
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300 |
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17 |
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283 |
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$ |
33,000 |
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$ |
6,484 |
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$ |
26,516 |
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Intangibles not subject to amortization: |
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Tradename |
Indefinite |
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$ |
6,700 |
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$ |
— |
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$ |
6,700 |
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$ |
6,700 |
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$ |
— |
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$ |
6,700 |
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Intangible amortization was $596 and $619 for the three months ended December 31, 2023 and 2022, respectively, and $1,487 and $1,857 for the nine months ended December 31, 2023 and 2022, respectively. The estimated annual amortization expense by fiscal year is as follows:
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Annual Amortization |
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Remainder of 2024 |
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$ |
671 |
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2025 |
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2,217 |
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2026 |
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1,995 |
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2027 |
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1,953 |
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2028 |
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1,895 |
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2029 and thereafter |
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17,785 |
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Total intangible amortization |
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$ |
26,516 |
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