Goodwill and Other Intangible Assets

6 Months Ended

Dec. 31, 2011

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Other Intangible Assets

On January 10, 2011, the Company completed the acquisition of InMoTx. Goodwill of $1.4 million and intangible assets of $1.3 million were acquired as a result of the acquisition. Of the $1.3 million in intangible assets, $1.1 million was assigned to developed technology to be amortized over seven years, and $231,000 was assigned to trademarks and trade names to be amortized over three years.

On June 25, 2010, Adept acquired MobileRobots and acquired goodwill of $1.2 million and intangible assets of $1.2 million. Of the $1.2 million in intangible assets, $830,000 was assigned to patents to be amortized over five to ten years and $340,000 was assigned to the customer base to be amortized over three years.

Intangible assets, subject to amortization, were as follows as of December 31, 2011 and June 30, 2011 (in thousands):



	December 31, 2011							June 30, 2011
	(unaudited)
	Gross Assets		Accumulated Amortization			Net Carrying Amount		Gross Assets		Accumulated Amortization			Net Carrying Amount
Developed Technology/Patents, MobileRobots	$	830	$	(178	)	$	652	$	830	$	(119	)	$	711
Customer Base, MobileRobots	340		(170		)	170		340		(113		)	227
Developed Technology, InMoTx	1,100		(157		)	943		1,100		(79		)	1,021
Trademarks/Trade names, InMoTx	231		(77		)	154		231		(38		)	193
Total	$	2,501	$	(582	)	$	1,919	$	2,501	$	(349	)	$	2,152

Amortization expense totaled $116,000 and $58,000 for the three months ended December 31, 2011 and December 25, 2010, respectively, and $233,000 and $116,000 for the six months ended December 31, 2011 and December 25, 2010, respectively.

A summary of future amortization as of December 31, 2011 follows (in thousands):



	Year 1			Year 2			Year 3			Year 4			More than 5 Years			Total
Developed Technology/Patents, MobileRobots	$	(119	)	$	(119	)	$	(119	)	$	(119	)	$	(176	)	$	(652	)
Customer Base, MobileRobots	(113		)	(57		)	—			—			—			(170		)
Developed Technology, InMoTx	(157		)	(157		)	(157		)	(157		)	(315		)	(943		)
Trademarks/Trade names, InMoTx	(77		)	(77		)	—			—			—			(154		)
Total	$	(466	)	$	(410	)	$	(276	)	$	(276	)	$	(491	)	$	(1,919	)

In October 2011, the Company announced the decision to consolidate the InMoTx operations in Denmark into the Company's Pleasanton, California operations. Due to these restructuring activities and resulting revised revenue projection for the division, we performed a goodwill and intangible impairment evaluation as of December 31, 2011, and concluded there was no impairment.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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