Goodwill and Intangible Assets

3 Months Ended

Oct. 02, 2011

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 6 – Goodwill and Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in each business combination. Goodwill and other indefinite lived intangibles are subject to an assessment for impairment, which must be performed annually, or more frequently if events or circumstances indicate that goodwill or other indefinite lived intangibles might be impaired.

The carrying amount of goodwill is as follows:

	1-800- Flowers.com Consumer Floral		BloomNet Wire Service		Gourmet Food and Gift Baskets		Total
	(in thousands)
Balance at July 3, 2011	$	6,779	$	—	$	32,569	$	39,348
Acquisition of Flowerama	2,348		—		—		2,348
Balance at October 2, 2011	$	9,127	$	—	$	32,569	$	41,696

The Company’s other intangible assets consist of the following:

		October 2, 2011						July 3, 2011
	Amortization Period	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
	(in thousands)
Intangible assets with determinable lives
Investment in licenses	14 - 16 years	$	6,773	$	5,314	$	1,459	$	5,314	$	5,314	$	—
Customer lists	3 - 10 years	15,804		8,926		6,878		15,804		8,619		7,185
Other	5 - 8 years	2,538		1,871		667		2,538		1,770		768
		25,115		16,111		9,004		23,656		15,703		7,953
Trademarks with indefinite lives	—	33,812		—		33,812		33,795		—		33,795
Total identifiable intangible assets		$	58,927	$	16,111	$	42,816	$	57,451	$	15,703	$	41,748

Future estimated amortization expense is as follows: remainder of fiscal 2012 - $1.3 million, fiscal 2013 - $1.7 million, fiscal 2014 - $1.3 million, fiscal 2015 - $1.3 million, fiscal 2016 - $1.2 million, and thereafter - $2.2 million.