Note 5 - Intangible Assets

9 Months Ended

Jul. 01, 2023

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

(5) 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 1, 2023:
Customer relationships	17.1	$	9,870	$	(4,617	)	$	5,253
Developed technology and know-how	20.0		1,800		(796	)		1,004
Non-competition agreements	5.0		400		(379	)		21
		$	12,070	$	(5,792	)	$	6,278
As of October 1, 2022:
Customer relationships	17.1	$	9,870	$	(4,130	)	$	5,740
Developed technology and know-how	20.0		1,800		(729	)		1,071
Non-competition agreements	5.0		400		(364	)		36
		$	12,070	$	(5,223	)	$	6,847

Amortization expense for intangibles was $187,000 and $205,000 for the three-month periods ended July 1, 2023 and July 2, 2022, respectively, and $569,000 and $617,000 for the nine-month periods ended July 1, 2023 and July 2, 2022, respectively. Amortization expense for the next five years is $187,000 in 2023, $750,000 in 2024, $743,000 in 2025, $752,000 in 2026, $480,000 in 2027 and $3.4 million thereafter.