Intangible Assets

6 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

On September 30, 2016, the Company sold a manufacturing facility that was acquired as part of the acquisition of substantially all of the assets and business of Blumenthal Lansing Company, LLC ("Blumenthal") on February 2, 2016. As the proceeds received from the sale of the building were in excess of the estimated fair value of the building recorded in the transaction, the Company recorded an adjustment to increase property, plant and equipment and reduce goodwill, in the amount of approximately $297,000, in order to properly reflect the fair value of the building as of the acquisition date.

The following table shows the change in goodwill for the six months ended September 30, 2016 (in thousands):



Balance at March 31, 2016	$	19,974
Decrease in goodwill - Blumenthal	(297		)
Balance at September 30, 2016	$	19,677

With the acquisition of substantially all of the assets and business of Schiff on July 8, 2016, the Company recorded intangible assets of $500,000 relating to customer lists which are being amortized over the estimated useful life of five years. Additionally, in an unrelated transaction, the Company recorded customer lists of $100,000 which were acquired during the second quarter of fiscal 2017 and are being amortized over two years.

The gross carrying amount and accumulated amortization of other intangible assets is as follows (in thousands):



	September 30, 2016				March 31, 2016				September 30, 2015
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Tradenames and trademarks	$	15,553	$	—	$	15,553	$	—	$	12,953	$	—
Customer relationships	39,757		14,940		39,157		13,444		29,957		12,183
Patents	1,164		767		1,164		708		1,164		650
Trademarks	403		348		403		333		403		318
Non-compete	530		192		530		139		530		86
	$	57,407	$	16,247	$	56,807	$	14,624	$	45,007	$	13,237

Amortization expense related to intangible assets was $820,000 and $639,000 for the quarters ended September 30, 2016 and 2015, respectively, and was $1,623,000 and $1,278,000 for the six months ended September 30, 2016 and 2015. Based on the current composition of intangibles, amortization expense for the remainder of fiscal 2017 and each of the succeeding four years is projected to be as follows (in thousands):



Remainder of fiscal 2017	$	1,681
Fiscal 2018	3,362
Fiscal 2019	3,305
Fiscal 2020	3,244
Fiscal 2021	3,056