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Note 5 - Intangible Assets

12 Months Ended

Dec. 31, 2014

Disclosure Text Block [Abstract]

Intangible Assets Disclosure [Text Block]

5.	Intangible Assets:

Intangible assets, net, consisted of the following as of December 31, 2014 and 2013:

		December 31, 2014
(in thousands)		Gross Carrying Amount				Accumulated Amortization				Intangible Assets, Net

Customer relationships - subject to amortization		$	13,332			$	(3,111	)		$	10,221
Trade name - not subject to amortization			23,425				-				23,425
		$	36,757			$	(3,111	)		$	33,646

		December 31, 2013
(in thousands)		Gross Carrying Amount				Accumulated Amortization				Intangible Assets, Net

Customer relationships - subject to amortization		$	13,332			$	(2,222	)		$	11,110
Trade name - not subject to amortization			23,425				-				23,425
		$	36,757			$	(2,222	)		$	34,535

All of the Company’s intangible assets were recorded in connection with its July 1, 2011 acquisition of CTI. The intangible assets noted above were evaluated on the premise of highest and best use to a market participant, primarily utilizing the income approach valuation methodology. The useful life of the CTI trade name was determined to be indefinite primarily due to its history and reputation in the marketplace, the Company’s expectation that the CTI trade name will continue to be used throughout the life of CTI, and the conclusion that there are currently no other factors identified that would limit its useful life. The useful life of the CTI customer relationships was determined to be fifteen years, based primarily on the consistent and predictable revenue source associated with the existing CTI customer base, the present value of which extends through the fifteen year amortization period. The Company will continue to evaluate the useful life assigned to our amortizable customer relationships in future periods.

Due to the impairment of the tubular and pipe segment’s goodwill, a triggering event occurred for the intangible assets subject to amortization and an impairment test was completed. Additionally, the indefinite lived intangible asset was subject to the Company’s annual impairment test. These tests revealed no impairment to the Company’s intangible assets.

The Company estimates that amortization expense for its intangible assets subject to amortization will be $0.9 million per year in each of the next five years.