Goodwill and Intangible Assets

3 Months Ended

Jun. 30, 2011

Goodwill and Intangible Assets [Abstract]

3. Goodwill and Intangible Assets

Goodwill

Goodwill allocated to the Company's reportable segments and changes in the net carrying amount of goodwill for the three months ended June 30, 2011 are as follows:

	Rotating Electrical		Under-the-Car Product Line			Total

Balance at March 31, 2011	$	-	$	-		$	-
Goodwill of acquired business		-		4,402,000			4,402,000
Translation adjustment		-		(188,000	)		(188,000	)
Balance at June 30, 2011	$	-	$	4,214,000		$	4,214,000

As indicated in Note 2, the estimates of the fair value of the identifiable assets acquired and liabilities assumed in the May 6, 2011 acquisition of Fenco are preliminary and are subject to revisions until management's appraisals and estimates are finalized.

Intangible Assets

The following is a summary of the Company's intangible assets at June 30, 2011 and March 31, 2011.

		June 30, 2011					March 31, 2011
	Weighted Average Amortization Period	Gross Carrying Value			Accumulated Amortization		Gross Carrying Value		Accumulated Amortization
Intangible assets subject to amortization
Trademarks	20 years	$	20,216,000		$	370,000	$	553,000	$	189,000
Customer relationships	10 years		27,995,000			1,968,000		6,464,000		1,447,000
Non-compete agreements	3 years		341,000			128,000		257,000		108,000
Translation adjustment			(103,000	)
Total	13 years	$	48,449,000		$	2,466,000	$	7,274,000	$	1,744,000

Amortization expense for acquired intangible assets for the three months ended June 30, 2011 and 2010 is as follows:

	Three Months Ended June 30,
	2011		2010

Amortization expense	$	717,000	$	194,000

The aggregate estimated future amortization expense for intangible assets is as follows:

Year Ending March 31,
2012 - remaining 9 months	$	2,958,000
2013		3,944,000
2014		3,870,000
2015		3,799,000
2016		3,477,000
Thereafter		27,935,000
Total	$	45,983,000

- 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.

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