Note 6 - Intangible Assets

9 Months Ended

Jul. 02, 2022

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

(6) Intangible Assets

The primary components of our intangible assets and the related accumulated amortization are as follows:

(In thousands)	Weighted- Average Useful Life (Years)		Gross		Accumulated Amortization			Net Book Value
As of July 2, 2022:
Customer relationships		17.1	$	9,870	$	(3,968	)	$	5,902
Developed technology and know-how		20.0		1,800		(707	)		1,093
Non-competition agreements		5.0		400		(344	)		56
			$	12,070	$	(5,019	)	$	7,051
As of October 2, 2021:
Customer relationships		17.1	$	9,870	$	(3,482	)	$	6,388
Developed technology and know-how		20.0		1,800		(639	)		1,161
Non-competition agreements		5.0		400		(284	)		116
Trade name		2.7		250		(247	)		3
			$	12,320	$	(4,652	)	$	7,668

Amortization expense for intangibles was $205,000 and $213,000 for the three-month periods ended July 2, 2022 and July 3, 2021, respectively, and $617,000 and $685,000 for the nine-month periods ended July 2, 2022 and July 3, 2021, respectively. Amortization expense for the next five years is $204,000 in 2022, $756,000 in 2023, $750,000 in 2024, $743,000 in 2025, $752,000 in 2026 and $3.8 million thereafter.