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Intangible Assets
3 Months Ended
Sep. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangible Assets

NOTE 7 – INTANGIBLE ASSETS

Intangible assets consisted of the following as of September 30, 2018 and June 30, 2018, respectively:

 

(In thousands)

September 30, 2018

 

 

Weighted

Average

Amortization

Period

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

Customer related

5.8 years

 

$

96,778

 

 

$

(45,336

)

 

$

51,442

 

Trade names and trademarks

11.3 years

 

 

14,977

 

 

 

(3,490

)

 

 

11,487

 

Covenants not to compete

1.5 years

 

 

875

 

 

 

(749

)

 

 

126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

112,630

 

 

$

(49,575

)

 

$

63,055

 

 

(In thousands)

June 30, 2018

 

 

Weighted

Average

Amortization

Period

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net

Carrying

Amount

 

Customer related

6.1 years

 

$

96,515

 

 

$

(43,140

)

 

$

53,375

 

Trade names and trademarks

11.6 years

 

 

14,977

 

 

 

(3,236

)

 

 

11,741

 

Covenants not to compete

1.7 years

 

 

875

 

 

 

(727

)

 

 

148

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

112,367

 

 

$

(47,103

)

 

$

65,264

 

 

Amortization expense amounted to $2,472 and $2,494 for the three months ended September 30, 2018 and 2017, respectively. Future amortization expense for each of the next five fiscal years ending June 30 are as follows:

 

(In thousands)

 

 

 

 

 

2019 (remaining)

 

 

$

7,537

 

2020

 

 

 

9,729

 

2021

 

 

 

9,395

 

2022

 

 

 

8,841

 

2023

 

 

 

8,363