Goodwill and Intangible Assets

3 Months Ended

Sep. 29, 2011

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

Note 4 — Goodwill and Intangible Assets

Our recorded goodwill of $5,662 as of September 23, 2010 related wholly to the OVH acquisition which was completed during the fourth quarter of fiscal 2010. This entire goodwill balance was considered impaired during our impairment review during the fourth quarter of fiscal 2011.

Intangible assets subject to amortization consist of the following:

	September 29, 2011			June 30, 2011			September 23, 2010
Customer relationships	$	10,600		$	10,600		$	10,600
Non-compete agreement		5,400			5,400			5,400
Brand names		8,090			8,090			8,090
Total intangible assets, gross		24,090			24,090			24,090
Less accumulated amortization:
Customer relationships		(2,038	)		(1,660	)		(524	)
Non-compete agreement		(912	)		(556	)		(171	)
Brand names		(7,966	)		(7,957	)		(7,896	)
Total accumulated amortization		(10,916	)		(10,173	)		(8,591	)
Net intangible assets	$	13,174		$	13,917		$	15,499

Customer relationships and the non-compete agreement relate wholly to the OVH acquisition. Customer relationships are being amortized on a straight line basis over seven years. The non-compete agreement is being amortized based upon the expected pattern of cash flow annual benefit over a five year period. The brand names consist primarily of the Fisher brand name, which we acquired in a 1995 acquisition. The Fisher brand name became fully amortized in fiscal 2011. The remainder of the brand names relates to the OVH acquisition and is being amortized on a straight line basis over five years.