INTANGIBLE ASSETS

3 Months Ended

Dec. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 5—INTANGIBLE ASSETS

IEC's intangible assets (other than goodwill) were acquired in connection with the purchase of Albuquerque during the fiscal year ended September 30, 2010.

Albuquerque's building and land were acquired subject to an Industrial Revenue Bond (“IRB”) that exempted the property from real estate taxes for the term of the IRB. The tax abatement was valued at $360 thousand at the date of acquisition, and such value was being amortized over the 9.2 year exemption period that remained as of the acquisition date. No impairment was taken for this asset since the Albuquerque acquisition. The IRB was paid off in connection with the sale-leaseback transaction described in Note 14—Capital Lease.

A summary of intangible assets by category and accumulated amortization at period end follows:



Intangible Assets	December 30, 2016			September 30, 2016
(in thousands)
Property tax abatement - Albuquerque	$	360		$	360
Accumulated amortization	(275		)	(265		)
Intangible assets, net	$	85		$	95

Amortization expense during the three months ended December 30, 2016 and January 1, 2016 follows:



	Three Months Ended
Amortization Expense	December 30, 2016		January 1, 2016
(in thousands)
Intangible amortization expense	$	10	$	10

A summary of amortization expense for the next five years follows:



Future Amortization	Estimated future amortization
(in thousands)
Twelve months ended December,
2017	$	39
2018	39
2019 and thereafter	7