Acquisition

9 Months Ended

Sep. 30, 2014

Acquisition [Abstract]

Acquisition

(3) Acquisition

On May 23, 2014, the Company purchased the remaining 49% interest in Zenara.  The Company negotiated an accelerated purchase of the business, which was contractually required to be completed in 2016 at a price that would have been determined by the financial performance of the Zenara business.  The purchase price negotiated for the 49% was $2,680.  Management believed it was economically beneficial to take control of the business at this time to accelerate the execution of the Company’s strategy for the business.  The Company recorded $655 for the identifiable net liabilities of Zenara at fair market value, intangible assets of $4,900, a deferred tax liability related to the intangible asset of $1,666 and goodwill of $9,715.  These amounts are estimates and are subject to change upon the finalization of the valuation of Zenara.  The Company incurred acquisition related costs of $4 and $455 for the three and nine months ended September 30, 2014, respectively. These costs were expensed and included in “Selling, general and administrative expenses” in the Company’s income statement. Refer to Note 6 for further disclosure.