7. Other Assets

A summary of other assets follows:

(dollars in thousands)	July 28, 2013		April 28, 2013
Cash surrender value – life insurance	$	622	$	625
Non-compete agreement		1,061		185
Customer relationships		855		-
Other		335		341
	$	2,873	$	1,151

Non-Compete Agreement

In connection with the asset purchase and consulting agreement with Bodet & Horst on May 8, 2013 (see note 3), we restructured our existing non-compete agreement pursuant to our asset purchase and consulting agreement dated August 11, 2008. We have agreed with Bodet & Horst to replace the existing non-compete agreement that prevented us from selling certain mattress fabrics and products to a leading manufacturer that will now allow us to make such sales. In addition, the existing consulting and non-compete agreement, under which Bodet & Horst agreed not to sell mattress fabrics in North America, is replaced, expanded, and extended pursuant to the new asset purchase consulting agreement. We recorded this non-compete agreement at its fair value based on a discounted cash flow valuation model. This non-compete agreement is amortized on a straight-line basis over the fifteen year life of the agreement and requires quarterly payments of $12,500 through May 2014. As of July 28, 2013, the total remaining non-compete payments were $50,000.

The gross carrying amount of this non-compete agreement was $2.0 million and $1.1 million at July 28, 2013 and April 28, 2013, respectively. At July 28, 2013 and April 28, 2013, accumulated amortization for the non-compete agreement was $958,000 and $940,000, respectively.

Of the $1,061,000 non-compete agreement carrying amount at July 28, 2013, $194,000 pertains to the non-compete agreement that was in place as part of the asset purchase agreement dated August 11, 2008, and $867,000 pertains to the non-compete agreement pursuant to the asset purchase agreement dated May 8, 2013 that was restructured to expand the non-compete agreement in place effective August 11, 2008.

Amortization expense for the non-compete agreement was $19,000 and $49,000 for the three month periods ended July 28, 2013 and July 29, 2012, respectively. The remaining amortization expense (which includes the total remaining Bodet & Horst non-compete payments of $50,000) for the next five fiscal years and thereafter follows: FY 2014 - $53,000; FY 2015 - $75,000; FY 2016 - $75,000; FY 2017 - $75,000; FY 2018 - $75,000; and Thereafter - $758,000.

The weighted average amortization period for the non-compete agreement is 14.8 years as of July 28, 2013.

Customer Relationships

In connection with the asset purchase and consulting agreement with Bodet & Horst noted above, we purchased certain customer relationships. We recorded the customer relationships at its fair value based on a multi-period excess earnings valuation model. The gross carrying amount of these customer relationships was $868,000 at July 28, 2013. Accumulated amortization for these customer relationships was $13,000 at July 28, 2013.

The customer relationships are amortized on a straight-line basis over its seventeen year useful life. Amortization expense for the customer relationships was $13,000 for the three months ending July 28, 2013. The remaining amortization expense for the next five fiscal years and thereafter follows: FY 2014 - $39,000; FY 2015 - $51,000; FY 2016 - $51,000; FY 2017 - $51,000; FY 2018 - $51,000; and Thereafter - $612,000.

The weighted average amortization period for the non-compete agreement is 16.8 years as of July 28, 2013.

Cash Surrender Value – Life Insurance

We had two life insurance contracts with death benefits to the respective insured totaling $4.4 million at July 28, 2013, and April 28, 2013, respectively. Our cash surrender value – life insurance balances of $622,000 and $625,000 at July 28, 2013 and April 28, 2013, respectively, are collectible upon death of the respective insured.