INTANGIBLE ASSETS

6 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 5—INTANGIBLE ASSETS

IEC’s intangible assets (other than goodwill) were acquired in connection with the purchase of Albuquerque during the fiscal year ended September 30, 2010.

Albuquerque’s building and land were acquired subject to an Industrial Revenue Bond (“IRB”) that exempted the property from real estate taxes for the term of the IRB.  The tax abatement was valued at $0.4 million at the date of acquisition, and such value was being amortized over the 9.2 year exemption period that remained as of the acquisition date.  No impairment was taken for this asset since the Albuquerque acquisition. The IRB was paid off in connection with the sale-leaseback transaction described in Note 14—Capital Lease.

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

Intangible Assets	March 31, 2017			September 30, 2016
(in thousands)
Property tax abatement - Albuquerque	$	360		$	360
Accumulated amortization	(285		)	(265		)
Intangible assets, net	$	75		$	95

Amortization expense during the three and six months endedMarch 31, 2017 and April 1, 2016 follows:

	Three Months Ended				Six Months Ended
Amortization Expense	March 31, 2017		April 1, 2016		March 31, 2017		April 1, 2016
(in thousands)
Intangible amortization expense	$	10	$	10	$	20	$	20

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

Future Amortization	Estimated future amortization
(in thousands)
Twelve months ended March,
2018	$	40
2019	35
2020 and thereafter	—