5. GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill by reporting segment of the Company consisted of the following:
|
|
March 2012 |
|
September 2011 |
|
Wholesale Segment |
|
$ |
4,436,950 |
|
$ |
4,436,950 |
|
Retail Segment |
|
1,912,877 |
|
1,912,877 |
|
|
|
$ |
6,349,827 |
|
$ |
6,349,827 |
|
Other intangible assets of the Company consisted of the following:
|
|
March 2012 |
|
September 2011 |
|
Trademarks and tradenames |
|
$ |
3,373,269 |
|
$ |
3,373,269 |
|
Non-competition agreement (less accumulated amortization of $0.1 million at both March 2012 and September 2011) |
|
416,666 |
|
466,667 |
|
Customer relationships (less accumulated amortization of $0.5 million and $0.4 million at March 2012 and September 2011, respectively) |
|
1,578,541 |
|
1,711,042 |
|
|
|
$ |
5,368,476 |
|
$ |
5,550,978 |
|
Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. At March 2012, identifiable intangible assets considered to have finite lives were represented by customer relationships and the value of a non-competition agreement acquired as part of acquisitions. The customer relationships are being amortized over eight years and the value of the non-competition agreement is being amortized over five years. These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted. Amortization expense related to these assets was $0.1 million and $0.2 million for the three and six month periods ended March 2012, and $0.1 million for both the three and six month periods ended March 2011.
Estimated future amortization expense related to identifiable intangible assets with finite lives is as follows at March 2012:
Customer relationships |
|
March 2012 |
|
Fiscal 2012 (1) |
|
$ |
182,498 |
|
Fiscal 2013 |
|
365,000 |
|
Fiscal 2014 |
|
365,000 |
|
Fiscal 2015 |
|
365,000 |
|
Fiscal 2016 |
|
331,667 |
|
Thereafter |
|
386,042 |
|
|
|
$ |
1,995,207 |
|
(1) Represents amortization for the remaining six months of Fiscal 2012. |