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GOODWILL AND OTHER INTANGIBLE ASSETS
9 Months Ended
Jun. 30, 2011
GOODWILL AND OTHER INTANGIBLE ASSETS  
GOODWILL AND OTHER INTANGIBLE ASSETS

5. GOODWILL AND OTHER INTANGIBLE ASSETS

 

Goodwill by reporting segment of the Company consisted of the following:

 

 

 

June
 2011

 

September
 2010

 

Wholesale Segment

 

$

4,236,291

 

$

4,236,291

 

Retail Segment

 

1,912,877

 

1,912,877

 

 

 

$

6,149,168

 

$

6,149,168

 

 

Other intangible assets of the Company consisted of the following:

 

 

 

June
 2011

 

September
 2010

 

Trademarks and tradenames

 

$

3,373,269

 

$

3,373,269

 

Non-competition agreement (less accumulated amortization of $7,400 at June 2011)

 

 

437,028

 

 

 

Customer relationships (less accumulated amortization of $343,700 and $185,625 at June 2011 and September 2010, respectively)

 

1,937,090

 

1,434,375

 

 

 

$

5,747,387

 

$

4,807,644

 

 

Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. The Company performs annual impairment testing of goodwill and other intangible assets during the fourth fiscal quarter of each year.

 

At June 2011, intangible assets considered to have finite lives represent acquired customer relationships and a non-competition agreement.  The customer relationships are being amortized over eight years and the non-competition agreement over five years.  These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted.  Amortization expense related to these assets totaled was $0.2 million in each of the nine month periods ended June 2011 and June 2010, respectively.  Amortization expense for the periods subsequent to June 2011 is as follows:

 

Customer relationships

 

June
 2011

 

Fiscal 2011 (1)

 

$

93,525

 

Fiscal 2012

 

374,100

 

Fiscal 2013

 

374,100

 

Fiscal 2014

 

374,100

 

Fiscal 2015

 

374,100

 

Thereafter

 

784,193

 

 

 

$

2,374,118

 

 

 

(1)  Represents amortization for the remaining three months of Fiscal 2011.