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Goodwill and Intangible Assets

9 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

3. Goodwill and Intangible Assets

The Company’s intangible assets by major asset class subject to amortization consist of:

June 30, 2012		Estimated Useful Life				Original Cost				Accumulated Amortization				Net Book Value
Intangible assets:
Trade name			10 years			$	1,900			$	207			$	1,693
Non-compete agreement			5 years				1,500				289				1,211
Below market lease			5 years				900				280				620
Customer relationships			10 years				13,000				1,471				11,529
Order backlog			1 year				2,100				1,833				267
Transition services agreement			< 1 year				23				23				0
Total intangible assets						$	19,423			$	4,103			$	15,320

September 30, 2011		Estimated Useful Life				Original Cost				Accumulated Amortization				Net Book Value
Intangible assets:
Trade name			10 years			$	900			$	73			$	827
Non-compete agreement			5 years				500				81				419
Below market lease			5 years				900				145				755
Customer relationships			10 years				6,800				548				6,252
Order backlog			1 year				1,300				1,047				253
Transition services agreement			< 1 year				23				23				0
Total intangible assets						$	10,423			$	1,917			$	8,506

Included in the intangible assets at June 30, 2012 are intangible assets acquired in connection with the purchase of the forging business and substantially all related operating assets from GEL Industries, Inc. (DBA Quality Aluminum Forge, Inc.) on October 28, 2011, as discussed more fully in Note 11. These acquired intangible assets consist of:

		Estimated Useful Life				Original Cost
Intangible assets:
Trade name			10 years			$	1,000
Non-compete agreement			5 years				1,000
Customer relationships			10 years				6,200
Order backlog			1 year				800
Total intangible assets						$	9,000

The amortization expense on identifiable intangible assets for the nine months ended June 30, 2012 and 2011 was $2,186 and $1,329 respectively. Amortization expense associated with the identified intangible assets, all of which relates to the Forged Components Group, is expected to be as follows:

		Amortization Expense
Fiscal year 2012		$	2,879
Fiscal year 2013			2,037
Fiscal year 2014			1,970
Fiscal year 2015			1,970
Fiscal year 2016			1,744

The Company’s goodwill, all of which relates to the Forged Components Group, is not being amortized, but is subject to impairment tests. All of the goodwill is expected to be deductible for tax purposes. Changes in the net carrying amount of goodwill were as follows:

Balance at September 30, 2011		$	3,493
Goodwill acquired during the year			3,522
Balance at June 30, 2012		$	7,015

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- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16373-109275



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-Name Accounting Standards Codification

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 42, 43, 44, 45, 46, 47

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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