INTANGIBLE ASSETS

6 Months Ended

Apr. 01, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

IEC's intangible assets (other than goodwill) were acquired in connection with purchase of Albuquerque in fiscal 2010.

Albuquerque's building and land were acquired subject to an Industrial Revenue Bond (“IRB”) that exempts the property from real estate taxes for the term of the IRB.  The tax abatement was valued at $360 thousand at the date of acquisition, and such value is being amortized over the 9.2 year exemption period that remained as of the acquisition date.  No impairment has been taken for this asset since the Albuquerque acquisition.

A summary of intangible assets by category and accumulated amortization at period end follows:

Intangible Assets	April 1, 2016			September 30, 2015
(in thousands)
Property tax abatement - Albuquerque	360			360
Accumulated amortization	(245		)	(226		)
Intangible assets, net	$	115		$	134

Amortization expense during the three and six months endedApril 1, 2016 and March 27, 2015 follows:

	Three Months Ended				Six Months Ended
Amortization Expense	April 1, 2016		March 27, 2015		April 1, 2016		March 27, 2015
(in thousands)
Intangible amortization expense	$	10	$	64	$	20	$	127

A summary of amortization expense for the next five years follows:

Future Amortization	Estimated future amortization
(in thousands)
Twelve months ended March,
2017	$	39
2018	39
2019	37
2020 and thereafter	—